Carmel Capital Partners LLC Makes New $260,000 Investment in Newmont Corporation (NYSE:NEM)

Carmel Capital Partners LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 5,378 shares of the basic materials company's stock, valued at approximately $260,000.

Several other hedge funds also recently modified their holdings of the business. Brighton Jones LLC boosted its holdings in shares of Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after buying an additional 1,847 shares during the period. Harbour Investments Inc. boosted its holdings in Newmont by 24.9% in the 4th quarter. Harbour Investments Inc. now owns 3,827 shares of the basic materials company's stock valued at $142,000 after purchasing an additional 764 shares during the period. Advisors Asset Management Inc. boosted its holdings in Newmont by 23.3% in the 4th quarter. Advisors Asset Management Inc. now owns 72,300 shares of the basic materials company's stock valued at $2,691,000 after purchasing an additional 13,645 shares during the period. Royal London Asset Management Ltd. boosted its holdings in Newmont by 4.8% in the 4th quarter. Royal London Asset Management Ltd. now owns 497,828 shares of the basic materials company's stock valued at $18,529,000 after purchasing an additional 22,682 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in Newmont by 773.7% in the 4th quarter. Teacher Retirement System of Texas now owns 67,461 shares of the basic materials company's stock valued at $2,511,000 after purchasing an additional 59,740 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. CIBC set a $74.00 price objective on shares of Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. UBS Group boosted their price objective on shares of Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Argus set a $63.00 price objective on shares of Newmont in a report on Friday, April 25th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and a consensus target price of $62.49.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director directly owned 43,103 shares in the company, valued at approximately $2,532,301.25. The trade was a 4.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president directly owned 77,526 shares of the company's stock, valued at $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,231 shares of company stock valued at $679,813 over the last quarter. Insiders own 0.05% of the company's stock.

Newmont Price Performance

NYSE:NEM traded up $0.23 during mid-day trading on Friday, reaching $58.22. The stock had a trading volume of 13,517,237 shares, compared to its average volume of 10,841,254. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.70 and a current ratio of 1.98. Newmont Corporation has a one year low of $36.86 and a one year high of $61.17. The firm has a 50 day moving average price of $55.83 and a two-hundred day moving average price of $49.72. The stock has a market capitalization of $64.80 billion, a P/E ratio of 13.05, a P/E/G ratio of 0.65 and a beta of 0.33.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.54. The company had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a return on equity of 15.75% and a net margin of 25.77%. During the same quarter in the prior year, the company earned $0.55 earnings per share. As a group, analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend was Tuesday, May 27th. Newmont's dividend payout ratio (DPR) is currently 22.42%.

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.