NewEdge Advisors LLC Raises Stake in Newmont Corporation $NEM

Key Points

• NewEdge Advisors LLC increased its stake in Newmont Corporation by 234.2% during Q1, resulting in a total of 45,126 shares valued at approximately $2.18 million.
• Newmont's recent quarterly earnings reported an EPS of $1.43, significantly exceeding the expected $0.95, with revenues reaching $5.32 billion.
• The company declared a quarterly dividend of $0.25 per share, with a 1.3% annualized yield, set to be paid on September 29th.

NewEdge Advisors LLC raised its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 234.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,126 shares of the basic materials company's stock after purchasing an additional 31,624 shares during the quarter. NewEdge Advisors LLC's holdings in Newmont were worth $2,179,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in NEM. Brighton Jones LLC increased its stake in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after buying an additional 1,847 shares during the period. Ethic Inc. purchased a new position in shares of Newmont during the fourth quarter valued at $495,000. OMERS ADMINISTRATION Corp increased its stake in shares of Newmont by 20.5% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 48,200 shares of the basic materials company's stock valued at $1,794,000 after buying an additional 8,195 shares during the period. NorthRock Partners LLC increased its stake in shares of Newmont by 29.6% during the fourth quarter. NorthRock Partners LLC now owns 5,392 shares of the basic materials company's stock valued at $201,000 after buying an additional 1,232 shares during the period. Finally, Mufg Securities Americas Inc. purchased a new position in shares of Newmont during the fourth quarter valued at $625,000. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on NEM. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $66.00 to $95.00 in a research note on Wednesday. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. BNP Paribas lowered Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Macquarie downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Finally, CIBC set a $74.00 target price on shares of Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $67.38.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the sale, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the company'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 value of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,246 shares of company stock worth $1,253,559. Insiders own 0.05% of the company's stock.

Newmont Stock Down 0.5%

Newmont stock traded down $0.40 during trading hours on Friday, reaching $79.25. The stock had a trading volume of 8,282,397 shares, compared to its average volume of 8,566,614. The company has a market cap of $87.05 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 0.96 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The business's 50 day moving average price is $67.46 and its 200-day moving average price is $57.15. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $80.07.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping 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 business 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 earned $0.72 earnings per share. The company's revenue was up 20.8% on a year-over-year basis. Sell-side analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

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

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.