GQG Partners LLC Purchases Shares of 4,026,350 Newmont Co. (NYSE:NEM)

GQG Partners LLC purchased a new stake in shares of Newmont Co. (NYSE:NEM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,026,350 shares of the basic materials company’s stock, valued at approximately $255,116,000.

A number of other large investors have also recently modified their holdings of NEM. E Fund Management Co. Ltd. purchased a new position in Newmont during the first quarter valued at approximately $85,000. Quilter Plc lifted its holdings in Newmont by 14.2% during the first quarter. Quilter Plc now owns 17,509 shares of the basic materials company’s stock valued at $1,056,000 after purchasing an additional 2,173 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in Newmont by 37.5% during the first quarter. Quadrant Capital Group LLC now owns 3,044 shares of the basic materials company’s stock valued at $183,000 after purchasing an additional 830 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Newmont during the first quarter valued at approximately $356,000. Finally, Formidable Asset Management LLC purchased a new position in Newmont during the first quarter valued at approximately $219,000. 77.76% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently issued reports on NEM. Canaccord Genuity reduced their price objective on shares of Newmont from $74.00 to $71.00 and set a “buy” rating on the stock in a research report on Friday, July 23rd. TD Securities cut shares of Newmont from a “buy” rating to a “hold” rating and reduced their price objective for the company from $74.00 to $70.00 in a research report on Friday, July 23rd. Zacks Investment Research cut shares of Newmont from a “hold” rating to a “sell” rating and set a $63.00 price objective on the stock. in a research report on Tuesday, July 27th. National Bank Financial reduced their price objective on shares of Newmont from C$108.00 to C$105.00 and set an “outperform” rating on the stock in a research report on Friday, July 16th. Finally, UBS Group set a $64.00 price objective on shares of Newmont and gave the company a “neutral” rating in a research report on Friday, July 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $72.00.

In other Newmont news, SVP Blake Rhodes sold 500 shares of the business’s stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $58.10, for a total transaction of $29,050.00. Following the transaction, the senior vice president now owns 48,726 shares in the company, valued at $2,830,980.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dean Gehring sold 2,991 shares of the business’s stock in a transaction on Friday, September 3rd. The shares were sold at an average price of $60.00, for a total transaction of $179,460.00. The disclosure for this sale can be found here. Insiders have sold 21,588 shares of company stock worth $1,177,877 in the last quarter. Company insiders own 0.12% of the company’s stock.

NEM traded up $1.24 during trading hours on Thursday, hitting $57.61. The company’s stock had a trading volume of 262,225 shares, compared to its average volume of 6,506,893. The business’s 50-day moving average price is $56.63 and its 200-day moving average price is $62.43. Newmont Co. has a 12 month low of $53.03 and a 12 month high of $75.31. The stock has a market cap of $46.04 billion, a price-to-earnings ratio of 15.79 and a beta of 0.23. The company has a current ratio of 2.67, a quick ratio of 2.33 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 22nd. The basic materials company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.07. Newmont had a net margin of 23.00% and a return on equity of 11.78%. The company had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $3.11 billion. During the same quarter in the previous year, the business posted $0.32 earnings per share. Newmont’s quarterly revenue was up 29.6% on a year-over-year basis. On average, analysts forecast that Newmont Co. will post 3.55 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 23rd. Investors of record on Thursday, September 9th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.82%. The ex-dividend date was Wednesday, September 8th. Newmont’s dividend payout ratio is presently 82.71%.

About Newmont

Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.

Further Reading: What is Cost of Capital?

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Co. (NYSE:NEM).

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

Receive News & Ratings for Newmont Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newmont and related companies with MarketBeat.com's FREE daily email newsletter.