Virtu Financial LLC Raises Stake in Newmont Co. (NYSE:NEM)

Virtu Financial LLC grew its holdings in Newmont Co. (NYSE:NEM) by 183.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 23,136 shares of the basic materials company’s stock after buying an additional 14,967 shares during the period. Virtu Financial LLC’s holdings in Newmont were worth $1,237,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Sequoia Financial Advisors LLC grew its stake in shares of Newmont by 29.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 9,884 shares of the basic materials company’s stock valued at $414,000 after purchasing an additional 2,227 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Newmont by 1.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 141,722 shares of the basic materials company’s stock valued at $5,934,000 after buying an additional 2,091 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in Newmont during the 2nd quarter worth $974,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in shares of Newmont by 53.9% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,285 shares of the basic materials company’s stock worth $96,000 after acquiring an additional 800 shares during the period. Finally, Fiduciary Financial Group LLC purchased a new stake in shares of Newmont in the second quarter valued at about $357,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was bought at an average price of $42.15 per share, with a total value of $400,340.70. Following the completion of the acquisition, the director now owns 14,498 shares of the company’s stock, valued at $611,090.70. This trade represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NEM shares. CLSA began coverage on shares of Newmont in a report on Friday, November 29th. They set an “underperform” rating for the company. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Thursday, August 29th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Royal Bank of Canada cut their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Price Performance

Shares of NYSE:NEM opened at $41.56 on Friday. 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 Co. has a 52-week low of $29.42 and a 52-week high of $58.72. The stock’s fifty day simple moving average is $46.99 and its 200-day simple moving average is $47.37.

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 for 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%. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 earnings per share. On average, research analysts predict that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The firm 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 is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.41%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

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.