Quantbot Technologies LP Acquires New Shares in Newmont Co. (NYSE:NEM)

Quantbot Technologies LP bought a new position in shares of Newmont Co. (NYSE:NEM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 65,119 shares of the basic materials company’s stock, valued at approximately $3,481,000.

Several other institutional investors also recently modified their holdings of the stock. Maj Invest Holding A S raised its stake in Newmont by 296.0% during the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after buying an additional 2,561,823 shares during the period. Van ECK Associates Corp grew its position in shares of Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. FMR LLC raised its holdings in Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after buying an additional 1,096,905 shares during the period. Finally, National Bank of Canada FI raised its holdings in shares of Newmont by 47.7% during the second quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock worth $140,460,000 after acquiring an additional 1,088,742 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Performance

NYSE NEM opened at $42.04 on Thursday. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. The stock has a market cap of $47.86 billion, a PE ratio of -27.66, a P/E/G ratio of 0.37 and a beta of 0.51. The firm has a 50-day moving average of $49.57 and a 200-day moving average of $47.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. On average, sell-side analysts anticipate that Newmont Co. will post 3.08 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock valued at $2,444,440 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Royal Bank of Canada decreased their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and decreased their target price for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

About Newmont

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.