Avanza Fonder AB Buys 12,431 Shares of Newmont Corporation $NEM

Key Points

• Avanza Fonder AB increased its stake in Newmont Corporation by 13.5% during Q2, acquiring an additional 12,431 shares, bringing its total holdings to 104,280 shares valued at approximately $6.1 million.
• Institutional investors currently hold 68.85% of Newmont's stock, indicating strong interest from large investment firms amidst various upgrades by analysts, including Royal Bank Of Canada's increase of the stock's target price from $66 to $95.
• Newmont announced a quarterly dividend of $0.25 per share, representing a 1.2% yield, with a payout ratio of 17.95% as it continues to show strong financial performance, including $1.43 earnings per share for the last quarter.

Avanza Fonder AB increased its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 13.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 104,280 shares of the basic materials company's stock after acquiring an additional 12,431 shares during the period. Avanza Fonder AB's holdings in Newmont were worth $6,075,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. SOA Wealth Advisors LLC. grew its position in Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of Newmont during the first quarter worth about $26,000. Colonial Trust Advisors grew its holdings in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Private Trust Co. NA increased its position in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC purchased a new stake in Newmont in the first quarter valued at approximately $31,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction on Wednesday, August 6th. The stock was 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 in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,246 shares of company stock worth $1,253,559 in the last 90 days. Insiders own 0.05% of the company's stock.

Newmont Trading Up 4.3%

NYSE NEM traded up $3.36 during trading on Friday, hitting $81.68. The company had a trading volume of 42,531,051 shares, compared to its average volume of 11,060,405. The company's fifty day moving average is $69.47 and its 200-day moving average is $58.52. Newmont Corporation has a one year low of $36.86 and a one year high of $82.05. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company has a market cap of $89.72 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 0.96 and a beta of 0.33.

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

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NEM. CIBC lifted their price objective on shares of Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. Raymond James Financial lifted their price target on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. The Goldman Sachs Group upped their price objective on shares of Newmont from $63.10 to $77.30 and gave the company a "neutral" rating in a research note on Thursday, September 11th. Royal Bank Of Canada raised Newmont from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $66.00 to $95.00 in a research note on Wednesday, September 10th. Finally, National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and an average target price of $72.31.

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.