Hager Investment Management Services LLC Purchases New Stake in Newmont Corporation $NEM

Key Points

• Hager Investment Management Services LLC acquired a new stake in Newmont Corporation, purchasing 3,356 shares valued at approximately $196,000 during the second quarter.
• Research firms have been active in their ratings for Newmont, with some upgrades including a price target increase to $89.00 from TD Securities, reflecting strong investor interest.
• Newmont recently declared a quarterly dividend of $0.25 per share, resulting in an annualized yield of 1.1%, showcasing the company's ongoing commitment to returning value to shareholders.

Hager Investment Management Services LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,356 shares of the basic materials company's stock, valued at approximately $196,000.

Other large investors have also recently bought and sold shares of the company. Knights of Columbus Asset Advisors LLC raised its position in Newmont by 59.6% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company's stock valued at $912,000 after buying an additional 5,848 shares during the period. Generate Investment Management Ltd raised its position in Newmont by 25.9% during the second quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company's stock valued at $22,079,000 after buying an additional 77,865 shares during the period. Bessemer Group Inc. raised its position in Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock valued at $569,000 after buying an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in Newmont during the first quarter valued at $423,000. Finally, Spire Wealth Management raised its position in Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after buying an additional 1,309 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NEM. Scotiabank upped their price target on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Monday, July 28th. TD Securities upped their target price on Newmont from $67.00 to $89.00 and gave the stock a "hold" rating in a research report on Wednesday. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Macquarie lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Finally, Stifel Canada raised Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $77.56.

Newmont Stock Performance

NEM opened at $88.41 on Thursday. The company has a market cap of $97.11 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 0.97 and a beta of 0.34. The stock has a 50-day moving average of $75.86 and a 200-day moving average of $61.92. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $89.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. The company 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 firm's revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 EPS. As a group, equities research analysts forecast 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 was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Insider Transactions at Newmont

In other news, 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 sale, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the sale, the director owned 36,869 shares of the company's stock, valued at approximately $3,133,496.31. The trade was a 5.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is 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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