Drive Wealth Management LLC Has $569,000 Holdings in Newmont Corporation $NEM

Key Points

• Drive Wealth Management LLC significantly increased its holdings in Newmont Corporation by 85% during the second quarter, bringing its total to 9,760 shares valued at $569,000.
• A number of analysts have *upgraded* their price targets for Newmont, with Royal Bank of Canada raising its target from $66.00 to $95.00 and UBS Group increasing theirs from $92.00 to $105.50.
• Newmont recently paid a quarterly dividend of $0.25, reflecting an annualized yield of 1.1%, with a payout ratio currently at 17.95%.

Drive Wealth Management LLC increased its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 85.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,760 shares of the basic materials company's stock after purchasing an additional 4,483 shares during the period. Drive Wealth Management LLC's holdings in Newmont were worth $569,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Concord Wealth Partners lifted its holdings in shares of Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after acquiring an additional 385 shares during the period. Evermay Wealth Management LLC lifted its stake in Newmont by 408.2% during the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock worth $29,000 after purchasing an additional 400 shares during the period. Cloud Capital Management LLC bought a new stake in shares of Newmont in the 1st quarter valued at approximately $26,000. Colonial Trust Advisors raised its holdings in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after buying an additional 429 shares in the last quarter. Finally, Financial Management Professionals Inc. lifted its position in shares of Newmont by 274.1% during the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company's stock worth $35,000 after buying an additional 444 shares during the period. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on NEM shares. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $66.00 to $95.00 in a research report on Wednesday, September 10th. UBS Group upped their target price on shares of Newmont from $92.00 to $105.50 and gave the stock a "buy" rating in a report on Thursday. BNP Paribas lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Weiss Ratings cut shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Finally, Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.59.

Newmont Trading Down 7.6%

NYSE NEM opened at $90.76 on Monday. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $98.58. 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 capitalization of $99.69 billion, a PE ratio of 16.29, a P/E/G ratio of 0.63 and a beta of 0.34. The stock has a 50-day simple moving average of $79.24 and a 200 day simple moving average of $64.19.

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

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date was Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Friday, August 1st. The shares were 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 directly owned 58,736 shares in the company, valued at $3,739,133.76. This represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock valued at $1,132,065 in the last three months. 0.05% of the stock is currently owned by corporate insiders.

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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