New England Research & Management Inc. Invests $463,000 in Newmont Corporation $NEM

Key Points

• New England Research & Management Inc. invested approximately $463,000 in Newmont Corporation, purchasing 7,950 shares during the 2nd quarter.
• Newmont reported a 20.8% year-over-year increase in quarterly revenue, reaching $5.32 billion, and beat analysts' earnings estimates by $0.48.
• The company announced a quarterly dividend of $0.25 per share, representing a yield of 1.3% with a total annualized dividend of $1.00.

New England Research & Management Inc. purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,950 shares of the basic materials company's stock, valued at approximately $463,000.

A number of other hedge funds have also recently bought and sold shares of NEM. Bank of New York Mellon Corp raised its stake in Newmont by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after buying an additional 1,306,783 shares during the period. Northern Trust Corp increased its holdings in shares of Newmont by 1.5% in the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after buying an additional 191,940 shares during the period. Amundi increased its holdings in Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock valued at $611,187,000 after purchasing an additional 343,535 shares during the period. Invesco Ltd. boosted its position in shares of Newmont by 2.2% during the first quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after purchasing an additional 228,116 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Newmont by 16.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after acquiring an additional 1,331,278 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Up 0.2%

Newmont stock opened at $79.40 on Tuesday. The stock has a fifty day simple moving average of $67.84 and a two-hundred day simple moving average of $57.51. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $80.07. The firm has a market cap of $87.22 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.95 and a beta of 0.33. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23.

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

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is presently 17.95%.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the sale, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock valued at $1,253,559 over the last three months. 0.05% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NEM shares. The Goldman Sachs Group restated a "neutral" rating and set a $60.90 price objective on shares of Newmont in a research report on Tuesday, July 8th. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $66.00 to $95.00 in a research note on Wednesday, September 10th. Stifel Nicolaus initiated coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective on the stock. Finally, National Bankshares raised shares of Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. Four investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.38.

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.

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