Augustine Asset Management Inc. Buys New Position in Newmont Corporation $NEM

Key Points

• Augustine Asset Management Inc. has acquired a new position in Newmont Corporation, purchasing 3,626 shares valued at approximately $211,000 during the second quarter.
• Multiple investment firms have increased their price targets for Newmont shares, with UBS Group raising it from $70.00 to $92.00 and Royal Bank of Canada upgrading the stock to an "outperform" rating.
• Newmont recently declared a quarterly dividend of $0.25 per share, with an annualized yield of 1.2%, reflecting its strong financial performance and net margin of 30.50%.

Augustine Asset Management Inc. bought a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,626 shares of the basic materials company's stock, valued at approximately $211,000.

Several other large investors also recently added to or reduced their stakes in the business. Old Port Advisors bought a new stake in Newmont during the second quarter valued at approximately $819,000. Patton Fund Management Inc. bought a new position in shares of Newmont in the second quarter worth approximately $238,000. ST Germain D J Co. Inc. boosted its position in shares of Newmont by 92.3% in the second quarter. ST Germain D J Co. Inc. now owns 625 shares of the basic materials company's stock worth $36,000 after purchasing an additional 300 shares during the period. Randolph Co Inc boosted its position in shares of Newmont by 0.4% in the second quarter. Randolph Co Inc now owns 492,106 shares of the basic materials company's stock worth $28,670,000 after purchasing an additional 1,930 shares during the period. Finally, Brave Asset Management Inc. boosted its position in shares of Newmont by 76.8% in the second quarter. Brave Asset Management Inc. now owns 9,900 shares of the basic materials company's stock worth $577,000 after purchasing an additional 4,300 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NEM. UBS Group upped their price target on shares of Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Raymond James Financial upped their price target on shares of Newmont from $77.00 to $84.00 and gave the stock an "outperform" rating in a research report on Tuesday. The Goldman Sachs Group upped their price target on shares of Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a research report on Thursday, September 11th. Royal Bank Of Canada upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $66.00 to $95.00 in a research report on Wednesday, September 10th. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.38.

Newmont Price Performance

NEM stock opened at $85.17 on Friday. Newmont Corporation has a one year low of $36.86 and a one year high of $86.62. The company's fifty day moving average price is $72.02 and its 200-day moving average price is $59.72. 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 company has a market capitalization of $93.55 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 0.97 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last released its 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. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The company's quarterly revenue was up 20.8% compared to the same quarter last year. On average, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont's dividend payout ratio is presently 17.95%.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The transaction 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 company's stock in a transaction 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 sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,246 shares of company stock valued at $1,253,559 over the last 90 days. 0.05% of the stock is owned by corporate 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.

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