Newmont Corporation (NYSE:NEM) Stake Increased by Harvey Capital Management Inc.

Harvey Capital Management Inc. lifted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 1,474.6% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 177,925 shares of the basic materials company's stock after buying an additional 166,625 shares during the period. Newmont comprises about 2.2% of Harvey Capital Management Inc.'s portfolio, making the stock its 10th biggest holding. Harvey Capital Management Inc.'s holdings in Newmont were worth $8,590,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. SOA Wealth Advisors LLC. grew its stake in Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares during the period. Cloud Capital Management LLC acquired a new stake in Newmont during the first quarter worth approximately $26,000. Private Trust Co. NA grew its stake in Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the period. Nexus Investment Management ULC acquired a new stake in Newmont during the first quarter worth approximately $31,000. Finally, Alpine Bank Wealth Management acquired a new stake in Newmont in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $2,532,301.25. This represents a 4.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the completion of the sale, the executive vice president directly owned 74,526 shares in the company, valued at $4,378,402.50. This represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,231 shares of company stock valued at $679,813. Company insiders own 0.05% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NEM. Cfra Research upgraded Newmont to a "strong-buy" rating in a research note on Friday, April 25th. National Bank Financial upgraded Newmont to a "hold" rating in a report on Friday, March 21st. Stifel Nicolaus began coverage on Newmont in a research note on Wednesday. They issued a "buy" rating and a $73.00 target price on the stock. Raymond James Financial restated an "outperform" rating and issued a $66.00 target price on shares of Newmont in a research note on Friday, April 25th. Finally, 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 research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $61.41.

Newmont Price Performance

Shares of NEM traded up $1.25 during midday trading on Wednesday, reaching $58.86. The stock had a trading volume of 9,987,352 shares, compared to its average volume of 10,627,357. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $65.51 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 0.76 and a beta of 0.33. The company's 50-day moving average is $54.88 and its 200 day moving average is $48.54. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $60.31.

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

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Tuesday, May 27th. Newmont's payout ratio is 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.