Raymond James Trust N.A. Acquires 1,836 Shares of Newmont Co. (NYSE:NEM)

Raymond James Trust N.A. increased its holdings in shares of Newmont Co. (NYSE:NEM) by 19.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,318 shares of the basic materials company’s stock after buying an additional 1,836 shares during the quarter. Raymond James Trust N.A.’s holdings in Newmont were worth $605,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. LRI Investments LLC acquired a new stake in shares of Newmont in the 1st quarter valued at approximately $25,000. Strategic Financial Concepts LLC bought a new position in Newmont in the 2nd quarter valued at approximately $25,000. Meeder Asset Management Inc. acquired a new stake in Newmont in the second quarter valued at approximately $27,000. Hoese & Co LLP bought a new stake in shares of Newmont during the third quarter worth $27,000. Finally, Avior Wealth Management LLC increased its holdings in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 6.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,000 shares of company stock valued at $2,444,440. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NEM shares. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and cut their price objective for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $59.00 to $55.00 in a report on Friday, October 25th. Raymond James reduced their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Bernstein Bank raised their price target on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.31.

Newmont Stock Performance

Shares of NEM stock opened at $42.46 on Tuesday. The firm has a 50 day moving average of $50.01 and a 200-day moving average of $47.51. The company has a market cap of $48.34 billion, a price-to-earnings ratio of -27.93, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 earnings per share. On average, equities analysts forecast that Newmont Co. will post 3.09 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.36%. Newmont’s payout ratio is currently -65.79%.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.