Park Avenue Securities LLC Takes $1.13 Million Position in Newmont Co. (NYSE:NEM)

Park Avenue Securities LLC acquired a new position in shares of Newmont Co. (NYSE:NEM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 23,450 shares of the basic materials company's stock, valued at approximately $1,132,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Strategic Financial Concepts LLC bought a new stake in Newmont in the fourth quarter worth $1,624,000. Bfsg LLC raised its stake in shares of Newmont by 47.7% in the fourth quarter. Bfsg LLC now owns 178,566 shares of the basic materials company's stock valued at $6,646,000 after acquiring an additional 57,690 shares during the period. Principal Securities Inc. lifted its holdings in shares of Newmont by 196.9% in the 4th quarter. Principal Securities Inc. now owns 5,750 shares of the basic materials company's stock worth $214,000 after acquiring an additional 3,813 shares during the last quarter. Stratos Wealth Partners LTD. boosted its stake in shares of Newmont by 53.5% during the 4th quarter. Stratos Wealth Partners LTD. now owns 13,918 shares of the basic materials company's stock worth $518,000 after purchasing an additional 4,852 shares during the period. Finally, First Trust Advisors LP grew its holdings in Newmont by 9.9% during the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after purchasing an additional 8,678 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Argus set a $63.00 target price on Newmont in a research note on Friday, April 25th. BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. National Bank Financial raised shares of Newmont to a "hold" rating in a research report on Friday, March 21st. Finally, National Bankshares reissued a "sector perform" rating on shares of Newmont in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and an average target price of $57.68.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $51.48, for a total transaction of $106,923.96. Following the sale, the director now directly owns 47,257 shares of the company's stock, valued at $2,432,790.36. This trade represents a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 77,526 shares of the company's stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,154 shares of company stock valued at $381,539 in the last ninety days. Insiders own 0.05% of the company's stock.

Newmont Stock Performance

NYSE:NEM traded up $2.63 during trading hours on Thursday, hitting $55.94. 12,914,411 shares of the company were exchanged, compared to its average volume of 10,294,179. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. Newmont Co. has a 52-week low of $36.86 and a 52-week high of $58.72. The stock has a market capitalization of $62.26 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 0.41 and a beta of 0.31. The company's 50 day moving average price is $52.51 and its 200-day moving average price is $46.18.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.54. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The business had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the prior year, the company earned $0.55 earnings per share. As a group, research analysts forecast that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.79%. The ex-dividend date is Tuesday, May 27th. Newmont's payout ratio is 22.42%.

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.