Occidental Asset Management LLC Makes New Investment in Newmont Corporation $NEM

Key Points

• Occidental Asset Management acquired 25,895 Newmont shares during the second quarter, worth approximately $2.4 million. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, slightly exceeding estimates, while revenue of $6.12 billion fell short of consensus expectations. Shares opened at $120.35, near the midpoint of their 52-week range.
• The company declared a quarterly dividend of $0.26 per share, equivalent to an annualized $1.04 payout and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $132.59.

Occidental Asset Management LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 25,895 shares of the basic materials company's stock, valued at approximately $2,419,000.

Other hedge funds have also made changes to their positions in the company. Cedar Mountain Advisors LLC purchased a new stake in shares of Newmont during the 1st quarter valued at approximately $25,000. Pinnacle Bancorp Inc. purchased a new position in Newmont in the first quarter worth approximately $25,000. Swiss RE Ltd. acquired a new stake in Newmont during the fourth quarter worth $26,000. Clearstead Trust LLC purchased a new stake in Newmont in the second quarter valued at $25,000. Finally, Cornerstone Planning Group LLC raised its position in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 206 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity at Newmont

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer directly owned 135,235 shares in the company, valued at approximately $14,064,440. The trade was a 5.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the transaction, the chief financial officer owned 29,324 shares of the company's stock, valued at $3,081,659.16. This represents a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,091 shares of company stock worth $3,292,513 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Performance

Shares of NEM stock opened at $120.35 on Tuesday. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12 month low of $67.20 and a 12 month high of $134.88. The company has a market cap of $126.81 billion, a P/E ratio of 15.20, a PEG ratio of 1.31 and a beta of 0.47. The firm has a fifty day moving average price of $99.36 and a 200 day moving average price of $108.81.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the prior year, the company posted $1.43 earnings per share. Sell-side analysts predict that Newmont Corporation will post 9 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont's dividend payout ratio is presently 13.13%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NEM. Barclays lowered their price target on Newmont from $125.00 to $124.00 and set an "overweight" rating for the company in a report on Tuesday, July 28th. Wall Street Zen lowered shares of Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Argus set a $110.00 target price on shares of Newmont in a research report on Monday, August 3rd. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a research note on Monday, April 27th. Finally, Weiss Ratings cut shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average target price of $132.59.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source