Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys Shares of 37,478 Newmont Corporation (NYSE:NEM)

Key Points

• Empirical Financial Services LLC purchased 37,478 shares of Newmont Corporation, valued at approximately $1,809,000, indicating growing institutional interest in the company.
• Analysts have revised their price targets for Newmont, with Royal Bank of Canada raising it from $52 to $66, reflecting increased confidence in the stock's performance.
• Newmont recently announced a quarterly dividend of $0.25 per share, with an annualized yield of 1.6%, highlighting the company's commitment to returning value to its shareholders.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 37,478 shares of the basic materials company's stock, valued at approximately $1,809,000.

Other institutional investors also recently bought and sold shares of the company. SOA Wealth Advisors LLC. increased its position in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of Newmont during the 1st quarter valued at approximately $26,000. Private Trust Co. NA grew its stake in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after acquiring an additional 347 shares during the period. Nexus Investment Management ULC bought a new position in shares of Newmont during the 1st quarter valued at approximately $31,000. Finally, Alpine Bank Wealth Management bought a new position in shares of Newmont during the 1st quarter valued at approximately $32,000. 68.85% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares in the company, valued at approximately $4,193,381.34. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the transaction, the director owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This represents a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,154 shares of company stock valued at $572,889. 0.05% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of recent research reports. Cfra Research upgraded Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Royal Bank Of Canada raised their price target on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Stifel Canada raised Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Raymond James Financial raised their price target on Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, CIBC set a $74.00 price target on Newmont and gave the company a "neutral" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Price Performance

Shares of Newmont stock traded up $2.83 during trading on Monday, reaching $65.42. 9,692,882 shares of the stock traded hands, compared to its average volume of 12,147,003. The company has a market capitalization of $71.86 billion, a price-to-earnings ratio of 11.75, a P/E/G ratio of 0.76 and a beta of 0.30. The business has a fifty day simple moving average of $58.10 and a two-hundred day simple moving average of $51.42. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $66.57.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion during 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 firm's revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. Sell-side analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.5%. Newmont's dividend payout ratio (DPR) is currently 17.95%.

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.