Newmont Corporation (NYSE:NEM) Stake Increased by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc increased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 291.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,095 shares of the basic materials company's stock after buying an additional 44,000 shares during the period. K.J. Harrison & Partners Inc's holdings in Newmont were worth $2,853,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in NEM. SOA Wealth Advisors LLC. increased its stake in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares during the last quarter. Nexus Investment Management ULC bought a new stake in Newmont during the first quarter valued at $31,000. Alpine Bank Wealth Management bought a new stake in Newmont during the first quarter valued at $32,000. Redwood Park Advisors LLC bought a new stake in Newmont during the fourth quarter valued at $37,000. Finally, Promus Capital LLC bought a new stake in Newmont during the fourth quarter valued at $38,000. Institutional investors own 68.85% of the company's stock.

Newmont Stock Down 4.1%

Newmont stock opened at $56.76 on Friday. The firm has a market capitalization of $63.17 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.75 and a beta of 0.31. The company has a 50-day simple moving average of $54.18 and a 200-day simple moving average of $47.57. Newmont Corporation has a one year low of $36.86 and a one year high of $60.31. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.70 and a current ratio of 1.98.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.54. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a net margin of 25.77% and a return on equity of 15.75%. During the same quarter in the prior year, the company posted $0.55 earnings per share. As a group, equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Tuesday, May 27th. Newmont's payout ratio is currently 22.42%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the sale, the executive vice president now owns 77,526 shares of the company's stock, valued at $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $112,344.93. Following the completion of the sale, the director now directly owns 45,180 shares of the company's stock, valued at $2,443,786.20. The trade was a 4.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,154 shares of company stock valued at $381,539 over the last 90 days. 0.05% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NEM shares. Royal Bank Of Canada boosted their target price on shares of Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. UBS Group upgraded shares of Newmont from a "neutral" rating to a "buy" rating and boosted their target price for the company from $50.00 to $60.00 in a research note on Friday, April 11th. Scotiabank reiterated a "sector perform" rating on shares of Newmont in a research note on Monday, April 14th. National Bankshares reiterated a "sector perform" rating on shares of Newmont in a research note on Tuesday. Finally, Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and an average target price of $58.38.

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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