Northeast Investment Management Takes $233,000 Position in Newmont Corporation $NEM

Key Points

• Northeast Investment Management acquired a new position in Newmont Corporation, purchasing 4,000 shares valued at approximately $233,000 during the second quarter.
• Insider sales included Director Bruce R. Brook selling 2,080 shares for over $176,000 and CAO Brian Tabolt selling 7,015 shares worth nearly $477,000.
• Newmont reported a $5.32 billion revenue for the latest quarter, significantly exceeding analyst estimates, and announced a quarterly dividend of $0.25 per share.

Northeast Investment Management bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,000 shares of the basic materials company's stock, valued at approximately $233,000.

Several other large investors have also recently added to or reduced their stakes in NEM. Cloud Capital Management LLC purchased a new position in Newmont during the first quarter worth about $26,000. Colonial Trust Advisors lifted its position in Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after buying an additional 429 shares during the period. Concord Wealth Partners lifted its position in Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after buying an additional 385 shares during the period. Private Trust Co. NA lifted its position 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 buying an additional 347 shares during the period. Finally, Alpine Bank Wealth Management purchased a new position in Newmont during the first quarter worth about $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. 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 stock in a transaction dated 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 of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by corporate insiders.

Newmont Price Performance

NEM stock opened at $90.76 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58. The firm has a market cap of $99.69 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 0.63 and a beta of 0.34. The stock has a 50-day simple moving average of $79.24 and a 200-day simple moving average of $64.19.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (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 business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The company's revenue for the quarter was up 20.8% compared to the same quarter last year. On average, equities analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a $0.25 dividend. The ex-dividend date was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Newmont's dividend payout ratio (DPR) is 17.95%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on NEM shares. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. BNP Paribas downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. UBS Group raised their price objective on Newmont from $92.00 to $105.50 and gave the stock a "buy" rating in a report on Thursday. Cibc World Mkts upgraded Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, October 10th. Finally, CIBC set a $112.00 price objective on Newmont and gave the stock an "outperformer" rating in a report on Friday, October 10th. Four research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $87.59.

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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