Harvey Capital Management Inc. Acquires 166,625 Shares of Newmont Corporation (NYSE:NEM)

Harvey Capital Management Inc. boosted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 1,474.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 makes up 2.2% of Harvey Capital Management Inc.'s investment portfolio, making the stock its 10th biggest holding. Harvey Capital Management Inc.'s holdings in Newmont were worth $8,590,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of NEM. Greenleaf Trust grew its stake in shares of Newmont by 3.0% during the first quarter. Greenleaf Trust now owns 23,711 shares of the basic materials company's stock valued at $1,145,000 after buying an additional 698 shares during the last quarter. Optimum Investment Advisors boosted its holdings in shares of Newmont by 29.4% during the first quarter. Optimum Investment Advisors now owns 4,400 shares of the basic materials company's stock worth $212,000 after purchasing an additional 1,000 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of Newmont by 32.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,303,746 shares of the basic materials company's stock worth $63,102,000 after purchasing an additional 317,931 shares during the period. Valeo Financial Advisors LLC boosted its holdings in shares of Newmont by 36.4% during the first quarter. Valeo Financial Advisors LLC now owns 7,778 shares of the basic materials company's stock worth $376,000 after purchasing an additional 2,077 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its holdings in shares of Newmont by 70.6% during the first quarter. Stratos Wealth Partners LTD. now owns 23,745 shares of the basic materials company's stock worth $1,146,000 after purchasing an additional 9,827 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. National Bankshares reaffirmed a "sector perform" rating on shares of Newmont in a research note on Tuesday, June 24th. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a research note on Tuesday. Raymond James Financial reiterated an "outperform" rating and set a $66.00 price target on shares of Newmont in a research note on Friday, April 25th. Cfra Research upgraded shares of Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.45.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,077 shares of the 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 owned 43,103 shares in the company, valued at $2,532,301.25. This represents a 4.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, June 2nd. The stock was 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 owned 77,526 shares in the company, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,231 shares of company stock valued at $679,813. Corporate insiders own 0.05% of the company's stock.

Newmont Stock Up 0.6%

Shares of NEM traded up $0.34 during mid-day trading on Friday, hitting $60.12. The company's stock had a trading volume of 9,103,957 shares, compared to its average volume of 10,643,966. The company's 50-day moving average is $55.17 and its 200-day moving average is $48.76. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $60.42. The firm has a market capitalization of $66.91 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 0.67 and a beta of 0.33. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 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 posted $0.55 earnings per share. On average, equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

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 dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.66%. Newmont's payout ratio is 22.42%.

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.