Avantax Advisory Services Inc. Raises Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• Avantax Advisory Services Inc. increased its stake in Newmont Corporation by 29.1%, holding a total of 20,643 shares worth approximately $997,000.
• Newmont recently announced a quarterly dividend of $0.25, which will be paid on September 29th, representing an annualized yield of 1.6%.
• Newmont's latest quarterly earnings exceeded expectations, with reported earnings per share of $1.43 against a consensus estimate of $0.95, alongside a revenue increase of 20.8% compared to the previous year.

Avantax Advisory Services Inc. increased its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 29.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,643 shares of the basic materials company's stock after acquiring an additional 4,659 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Newmont were worth $997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of NEM. SOA Wealth Advisors LLC. lifted its stake in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 201 shares during the period. Cloud Capital Management LLC bought a new position in Newmont in the first quarter worth $26,000. Private Trust Co. NA boosted its holdings 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 buying an additional 347 shares in the last quarter. Nexus Investment Management ULC bought a new stake in shares of Newmont during the 1st quarter valued at $31,000. Finally, Alpine Bank Wealth Management purchased a new stake in shares of Newmont in the 1st quarter worth about $32,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NEM has been the topic of a number of analyst reports. Raymond James Financial boosted their price target on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. Argus set a $63.00 price target on shares of Newmont in a research note on Friday, April 25th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Finally, UBS Group upped their target price on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $64.58.

Newmont Stock Performance

Shares of NYSE:NEM traded up $2.83 during midday trading on Monday, hitting $65.42. The company had a trading volume of 9,763,123 shares, compared to its average volume of 12,165,229. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $66.57. The company has a fifty day moving average of $58.10 and a two-hundred day moving average of $51.42. The company has a market cap of $71.86 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.76 and a beta of 0.30. 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 (NYSE:NEM - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The business's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.72 earnings per share. On average, equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.5%. Newmont's dividend payout ratio is 17.95%.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $176,250.00. Following the transaction, the executive vice president directly owned 74,526 shares in the company, valued at $4,378,402.50. The trade was a 3.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company's 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 directly owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,154 shares of company stock valued at $572,889. Corporate insiders own 0.05% of the company's stock.

Newmont Company 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.