Allen Wealth Management LLC Takes Position in Newmont Corporation $NEM

Key Points

• Allen Wealth Management LLC acquired a new stake in Newmont Corporation, purchasing 4,485 shares valued at approximately $217,000 in the first quarter of the year.
• Recent analyst ratings show a diverse outlook on Newmont, with one sell rating, six hold ratings, nine buy ratings, and four strong buy ratings, suggesting a mostly positive sentiment toward the stock.
• Newmont reported a significant quarterly earnings profit of $1.43 per share, exceeding expectations, while announcing a quarterly dividend of $0.25 per share with an annual yield of 1.4%.

Allen Wealth Management LLC acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,485 shares of the basic materials company's stock, valued at approximately $217,000.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after acquiring an additional 1,847 shares during the last quarter. CreativeOne Wealth LLC bought a new stake in shares of Newmont during the 4th quarter worth approximately $417,000. GeoWealth Management LLC lifted its stake in shares of Newmont by 44.0% during the 4th quarter. GeoWealth Management LLC now owns 9,484 shares of the basic materials company's stock worth $353,000 after acquiring an additional 2,898 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Newmont by 9.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,571,240 shares of the basic materials company's stock worth $281,797,000 after acquiring an additional 630,031 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Newmont by 9.9% during the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock worth $3,575,000 after acquiring an additional 8,678 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on NEM. Raymond James Financial raised their price target on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. CIBC set a $74.00 target price on Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. Finally, Scotiabank lifted their target price on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $64.58.

Newmont Stock Up 1.2%

Shares of NEM stock opened at $69.32 on Monday. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $70.29. The stock's fifty day moving average price is $61.00 and its 200 day moving average price is $53.26. 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 company has a market cap of $76.14 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 0.82 and a beta of 0.30.

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

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's 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 completion of the transaction, the executive vice president 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the completion of the transaction, the director directly owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,246 shares of company stock worth $1,373,251. 0.05% of the stock is currently owned by 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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.