Occidental Asset Management LLC Invests $289,000 in Newmont Corporation $NEM

Key Points

• Occidental Asset Management LLC has invested approximately $289,000 in Newmont Corporation by purchasing 4,968 shares, according to its latest SEC filing.
• Recent analyst ratings reflect mixed sentiments: Zacks downgraded Newmont to "hold," while BNP Paribas Exane increased the price target to $92.00 with an "outperform" rating.
• Newmont Corp reported strong quarterly earnings, beating estimates with $1.43 EPS, and announced a quarterly dividend of $0.25 per share, indicating a 1.2% dividend yield.

Occidental Asset Management LLC bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,968 shares of the basic materials company's stock, valued at approximately $289,000.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock valued at $773,159,000 after purchasing an additional 1,306,783 shares during the last quarter. Northern Trust Corp grew its stake in shares of Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Amundi increased its holdings in Newmont by 2.8% in the first quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock valued at $611,187,000 after buying an additional 343,535 shares during the last quarter. Invesco Ltd. increased its holdings in Newmont by 2.2% in the first quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after buying an additional 228,116 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Newmont by 15.9% in the first quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company's stock valued at $423,572,000 after buying an additional 1,201,237 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

NEM has been the topic of a number of recent analyst reports. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. BNP Paribas Exane upped their price target on Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a report on Monday, September 15th. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price for the company. Finally, The Goldman Sachs Group increased their target price on shares of Newmont from $63.10 to $77.30 and gave the company a "neutral" rating in a research report on Thursday, September 11th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $73.38.

Newmont Stock Performance

Shares of NEM opened at $84.59 on Wednesday. The company's 50 day simple moving average is $70.47 and its 200-day simple moving average is $58.98. The firm has a market cap of $92.91 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 0.97 and a beta of 0.34. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $86.62. 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 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 net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. During the same quarter in the prior year, the business earned $0.72 EPS. Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. As a group, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Insider Activity at Newmont

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

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.

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