1832 Asset Management L.P. Purchases Shares of 74,955 Newmont Corporation $NEM

1832 Asset Management L.P. acquired a new position in Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 74,955 shares of the basic materials company’s stock, valued at approximately $4,367,000.

Several other institutional investors have also recently modified their holdings of the company. Colonial Trust Advisors raised its stake in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 429 shares in the last quarter. Concord Wealth Partners grew its holdings in shares of Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. Evermay Wealth Management LLC grew its holdings in shares of Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 400 shares during the last quarter. Dagco Inc. purchased a new position in Newmont in the 1st quarter worth $32,000. Finally, Country Trust Bank bought a new stake in Newmont in the second quarter worth $32,000. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NEM shares. National Bankshares reiterated an “outperform” rating on shares of Newmont in a report on Monday, September 22nd. TD Securities raised their price target on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. UBS Group lifted their price target on Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research note on Monday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research report on Monday. Finally, Macquarie cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Four research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $93.22.

Newmont Stock Down 1.0%

NYSE:NEM opened at $89.84 on Friday. The firm’s 50-day moving average price is $86.92 and its 200-day moving average price is $72.49. The company has a market capitalization of $98.04 billion, a PE ratio of 13.95, a P/E/G ratio of 0.63 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $98.58.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the firm posted $0.81 EPS. Newmont’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s payout ratio is presently 15.53%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 11,240 shares of company stock valued at $943,985. Insiders own 0.05% of the company’s stock.

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.