3,669 Shares in Newmont Corporation $NEM Purchased by Davis Rea LTD.

Key Points

• Davis Rea LTD. has acquired 3,669 shares of Newmont Corporation (NYSE:NEM), valued at approximately $214,000, marking the firm’s new position in the company during the second quarter.
• Wall Street analysts have varying opinions on Newmont, with Royal Bank of Canada upgrading the stock to "outperform" with a price target increase to $95.00, while Zacks and Macquarie downgraded it to "hold".
• Newmont reported earnings of $1.43 per share for the last quarter, significantly beating expectations, with revenue reaching $5.32 billion and a year-over-year increase of 20.8%.

Davis Rea LTD. acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,669 shares of the basic materials company's stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEM. Cloud Capital Management LLC purchased a new stake in Newmont during the 1st quarter worth about $26,000. Colonial Trust Advisors increased its position in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Private Trust Co. NA increased its position in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares in the last quarter. Alpine Bank Wealth Management purchased a new stake in Newmont during the 1st quarter worth about $32,000. Finally, TCTC Holdings LLC increased its position in Newmont by 123.1% during the 1st quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company's stock worth $32,000 after purchasing an additional 362 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $66.00 to $95.00 in a research report on Wednesday, September 10th. Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Weiss Ratings cut Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday. Finally, Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.10.

Newmont Stock Down 0.2%

NEM opened at $85.07 on Friday. The stock has a market capitalization of $93.45 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 0.95 and a beta of 0.34. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $89.37. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The business has a 50-day moving average of $76.77 and a two-hundred day moving average of $62.44.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company's revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 EPS. On average, research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock valued at $1,132,065 in the last three months. Corporate 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.

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