4,325 Shares in Newmont Corporation (NYSE:NEM) Acquired by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP recently acquired 4,325 shares of Newmont Corporation, valued at approximately $209,000, marking a new position in the company.
• Newmont has received several positive analyst ratings, including upgrades to "outperform" and "strong-buy," with a consensus price target of $64.58.
• The company declared a quarterly dividend of $0.25 per share, expected to be paid on September 29, representing an annualized yield of 1.5%.

Baker Avenue Asset Management LP purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,325 shares of the basic materials company's stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SOA Wealth Advisors LLC. raised its holdings in shares of Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont during the 1st quarter valued at $26,000. Private Trust Co. NA raised its holdings in 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 during the period. Nexus Investment Management ULC purchased a new stake in Newmont in the first quarter worth $31,000. Finally, TCTC Holdings LLC increased its stake in Newmont by 123.1% in the first quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company's stock worth $32,000 after purchasing an additional 362 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NEM shares. BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Cfra Research raised Newmont to a "strong-buy" rating in a research report on Friday, April 25th. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. Finally, Royal Bank Of Canada raised their price objective on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the transaction, the director directly owned 43,103 shares in the company, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president owned 77,526 shares of the company's stock, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,154 shares of company stock valued at $572,889. 0.05% of the stock is owned by company insiders.

Newmont Stock Performance

Shares of Newmont stock traded up $2.83 on Monday, reaching $65.42. 9,763,123 shares of the stock were exchanged, compared to its average volume of 13,063,871. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $66.57. The firm has a market capitalization 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 business has a 50 day moving average price of $58.10 and a two-hundred day moving average price of $51.42.

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 analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion during 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 company's revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 earnings per share. Analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is currently 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.