Holderness Investments Co. Makes New $217,000 Investment in Newmont Corporation $NEM

Key Points

• Holderness Investments Co. has acquired 4,492 shares of Newmont Corporation, indicating an investment valued at approximately $217,000.
• Analysts have positive forecasts for Newmont, with several boosting their price targets over recent months, currently averaging at $64.58 for a "Moderate Buy" rating.
• Newmont is paying a quarterly dividend of $0.25 on September 29th, reflecting a 1.5% yield and a payout ratio of 17.95%.

Holderness Investments Co. acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,492 shares of the basic materials company's stock, valued at approximately $217,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after buying an additional 1,379 shares during the period. First Trust Advisors LP raised its position in shares of Newmont by 9.9% in the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after buying an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Newmont in the 1st quarter valued at approximately $423,000. Spire Wealth Management raised its position in shares of Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after buying an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Newmont in the 1st quarter valued at approximately $202,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NEM shares. The Goldman Sachs Group reiterated a "neutral" rating and set a $60.90 price objective on shares of Newmont in a research report on Tuesday, July 8th. UBS Group upped their price objective on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. Stifel Nicolaus started coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price objective for the company. Finally, Raymond James Financial upped their price objective on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Four research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $64.58.

Newmont Stock Down 2.5%

NEM traded down $1.7340 during trading on Tuesday, hitting $67.2660. 5,118,694 shares of the company's stock were exchanged, compared to its average volume of 11,869,141. The business's 50 day moving average is $61.31 and its two-hundred day moving average is $53.44. The stock has a market cap of $73.89 billion, a P/E ratio of 12.07, a PEG ratio of 0.82 and a beta of 0.30. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $70.29.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm's revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 earnings per share. As a group, equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,246 shares of company stock worth $1,373,251 over the last quarter. 0.05% of the stock is currently owned by company insiders.

About Newmont

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.