Arrow Investment Advisors LLC Takes Position in Newmont Corporation $NEM

Key Points

• Arrow Investment Advisors LLC has acquired 4,933 shares of Newmont Corporation, valued at approximately $287,000, marking a new position for the firm in the gold mining company.
• Newmont reported a strong quarterly performance, with earnings per share of $1.43, significantly exceeding analyst expectations and a 20.8% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.25 per share, providing an annualized dividend yield of 1.2%, indicating positive returns for its investors.

Arrow Investment Advisors LLC bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,933 shares of the basic materials company's stock, valued at approximately $287,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in Newmont by 8.9% in the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock valued at $773,159,000 after acquiring an additional 1,306,783 shares during the last quarter. Northern Trust Corp grew its stake in shares of Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after buying an additional 191,940 shares during the last quarter. Amundi increased its holdings in shares of Newmont by 2.8% during the first quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock worth $611,187,000 after buying an additional 343,535 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Newmont by 2.2% in the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after acquiring an additional 228,116 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Newmont by 15.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company's stock valued at $423,572,000 after acquiring an additional 1,201,237 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the company's 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 sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director directly owned 38,949 shares of the company's stock, valued at $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,246 shares of company stock valued at $1,253,559. Corporate insiders own 0.05% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Macquarie lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. CIBC boosted their price objective on Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a research report on Friday, September 12th. The Goldman Sachs Group boosted their price objective on Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a research report on Thursday, September 11th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $84.00 price target (up previously from $77.00) on shares of Newmont in a report on Tuesday. Four investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $73.38.

Newmont Stock Up 1.8%

Shares of NYSE NEM traded up $1.49 during trading on Tuesday, hitting $85.21. 9,877,315 shares of the company traded hands, compared to its average volume of 11,784,771. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $86.62. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The business's fifty day moving average is $69.93 and its 200 day moving average is $58.80. The firm has a market capitalization of $93.60 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 0.96 and a beta of 0.33.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio is presently 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.