Peapack Gladstone Financial Corp Lowers Position in Newmont Co. (NYSE:NEM)

Peapack Gladstone Financial Corp trimmed its position in shares of Newmont Co. (NYSE:NEM) by 11.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,075 shares of the basic materials company’s stock after selling 3,251 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Newmont were worth $1,287,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NEM. Tidal Investments LLC raised its stake in shares of Newmont by 5.4% during the 3rd quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company’s stock worth $8,749,000 after buying an additional 8,412 shares in the last quarter. Cim Investment Management Inc. purchased a new stake in shares of Newmont in the third quarter valued at approximately $1,033,000. Wilmington Savings Fund Society FSB acquired a new position in Newmont during the third quarter worth $422,000. Sanctuary Advisors LLC raised its position in Newmont by 117.3% in the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after acquiring an additional 18,722 shares in the last quarter. Finally, Virtu Financial LLC lifted its holdings in Newmont by 183.2% in the third quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company’s stock valued at $1,237,000 after acquiring an additional 14,967 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Newmont stock opened at $40.22 on Monday. The firm’s 50-day moving average is $46.50 and its two-hundred day moving average is $47.39. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market capitalization of $45.79 billion, a P/E ratio of -26.46, a P/E/G ratio of 0.36 and a beta of 0.49. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 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 analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue was up 84.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. Equities analysts predict that Newmont Co. will post 3.08 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid 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 2.49%. Newmont’s payout ratio is currently -65.79%.

Insider Buying and Selling

In other news, Director Harry M. Iv Conger acquired 9,498 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares in the company, valued at approximately $611,090.70. This represents a 189.96 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 sale, the chief executive officer now directly 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 disclosure for this sale can be found here. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Bernstein Bank upped their target price on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. upgraded 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 given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

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.