Benjamin Edwards Inc. Acquires New Stake in Newmont Corporation (NYSE:NEM)

Key Points

• Benjamin Edwards Inc. has acquired a new stake in Newmont Corporation, purchasing 11,082 shares valued at approximately $535,000.
• Newmont's quarterly earnings reported earnings per share (EPS) of $1.43, significantly exceeding the consensus estimate of $0.95 and marking a 20.8% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.25 to be paid on September 29th, representing an annualized dividend yield of 1.5%.

Benjamin Edwards Inc. acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 11,082 shares of the basic materials company's stock, valued at approximately $535,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of Newmont by 8.9% in the 1st 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 buying an additional 1,306,783 shares during the period. Northern Trust Corp raised its holdings in shares of Newmont by 11.5% in the 4th quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock valued at $474,263,000 after buying an additional 1,309,177 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Newmont by 16.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after buying an additional 1,331,278 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Newmont by 9.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,571,240 shares of the basic materials company's stock valued at $281,797,000 after buying an additional 630,031 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Newmont by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,901,244 shares of the basic materials company's stock valued at $333,192,000 after buying an additional 50,840 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

NYSE NEM opened at $68.46 on Friday. 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 Corporation has a 1 year low of $36.86 and a 1 year high of $70.29. The company has a market capitalization of $75.19 billion, a PE ratio of 12.29, a P/E/G ratio of 0.81 and a beta of 0.30. The company has a fifty day moving average of $60.66 and a two-hundred day moving average of $52.92.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the firm posted $0.72 earnings per share. Newmont's revenue for the quarter was up 20.8% on a year-over-year basis. As a group, analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a $0.25 dividend. 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 is currently 17.95%.

Analysts Set New Price Targets

NEM has been the topic of several research analyst reports. Royal Bank Of Canada boosted their price objective on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. UBS Group lifted their target price on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 target price on shares of Newmont in a report on Tuesday, July 8th. Raymond James Financial lifted their target price on Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, Newmont currently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Buying and Selling at Newmont

In other Newmont news, 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 value of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares in the company, 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. Insiders sold 22,246 shares of company stock worth $1,373,251 over the last 90 days. Corporate insiders own 0.05% of the company's stock.

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.

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