Eastern Bank Acquires Shares of 3,785 Newmont Co. (NYSE:NEM)

Eastern Bank purchased a new stake in Newmont Co. (NYSE:NEM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,785 shares of the basic materials company’s stock, valued at approximately $202,000.

Other hedge funds have also recently modified their holdings of the company. Heathbridge Capital Management Ltd. boosted its stake in shares of Newmont by 2.0% during the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after purchasing an additional 200 shares during the period. Fulton Bank N.A. boosted its position in shares of Newmont by 1.5% during the third quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after purchasing an additional 221 shares in the last quarter. Good Life Advisors LLC grew its stake in Newmont by 4.6% in the third quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 229 shares during the period. Pekin Hardy Strauss Inc. raised its holdings in Newmont by 0.4% in the second quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock worth $2,683,000 after purchasing an additional 233 shares in the last quarter. Finally, KCM Investment Advisors LLC boosted its holdings in shares of Newmont by 2.3% during the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after buying an additional 244 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

NEM has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. BMO Capital Markets upped their target price on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. UBS Group increased their target price on Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $54.46.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s 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 of the company’s stock, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock valued at $3,434,640 over the last three months. Corporate insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of Newmont stock opened at $49.25 on Friday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average is $53.43 and its 200 day moving average is $46.74. Newmont Co. has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% on a year-over-year basis. On average, equities research analysts forecast that Newmont Co. will post 3.07 EPS for the current fiscal year.

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.