Neo Ivy Capital Management Buys Shares of 4,072 Newmont Co. (NYSE:NEM)

Neo Ivy Capital Management acquired a new stake in shares of Newmont Co. (NYSE:NEM) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,072 shares of the basic materials company’s stock, valued at approximately $218,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Strategic Financial Concepts LLC purchased a new stake in Newmont in the second quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont during the 2nd quarter valued at about $27,000. Hoese & Co LLP purchased a new position in Newmont during the third quarter valued at approximately $27,000. Avior Wealth Management LLC boosted its holdings in 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. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Newmont during the 3rd quarter valued at about $28,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NEM shares. CLSA began coverage on shares of Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. Raymond James lowered their price target on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. Finally, CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $54.31.

Newmont Price Performance

Newmont stock opened at $41.56 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $46.99 and a 200-day simple moving average of $47.37. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period last year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% on a year-over-year basis. Research analysts expect 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. Investors of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is -65.79%.

Insider Buying and Selling at Newmont

In related news, Director Harry M. Iv Conger acquired 9,498 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was bought at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the completion of the purchase, the director now directly owns 14,498 shares of the company’s stock, valued at approximately $611,090.70. The trade was a 189.96 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was 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 directly owns 271,469 shares in the company, valued at approximately $14,607,746.89. The trade was a 6.86 % decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Newmont 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.