Perigon Wealth Management LLC Raises Stake in Newmont Corporation $NEM

Key Points

• Perigon Wealth Management LLC increased its stake in Newmont Corporation by 20.5% in the second quarter, now owning 28,830 shares valued at $1,680,000.
• Several hedge funds have also raised their positions in Newmont, with significant increases including a 30.3% boost from Wealth Enhancement Advisory Services LLC and 132.4% from Versant Capital Management Inc.
• Equity analysts have a moderate buy consensus rating for Newmont, with an average price target of $73.38, following upgrades from firms such as Royal Bank of Canada.

Perigon Wealth Management LLC increased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 20.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,830 shares of the basic materials company's stock after acquiring an additional 4,897 shares during the period. Perigon Wealth Management LLC's holdings in Newmont were worth $1,680,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of NEM. Brighton Jones LLC boosted its position in shares of Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after acquiring an additional 1,847 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Newmont by 30.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 185,833 shares of the basic materials company's stock worth $6,917,000 after acquiring an additional 43,250 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Newmont by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 181,110 shares of the basic materials company's stock worth $6,741,000 after acquiring an additional 2,877 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Newmont by 51.5% in the first quarter. Central Pacific Bank Trust Division now owns 7,573 shares of the basic materials company's stock worth $366,000 after acquiring an additional 2,573 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of Newmont by 132.4% in the first quarter. Versant Capital Management Inc now owns 2,384 shares of the basic materials company's stock worth $115,000 after acquiring an additional 1,358 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $66.00 to $95.00 in a research report on Wednesday, September 10th. Stifel Nicolaus started coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target on the stock. The Goldman Sachs Group lifted their price target 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. National Bankshares reaffirmed an "outperform" rating on shares of Newmont in a research report on Monday, September 22nd. Finally, BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. 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. According to MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $73.38.

Newmont Trading Up 1.8%

NYSE NEM opened at $85.17 on Friday. The company's fifty day simple moving average is $72.02 and its 200-day simple moving average is $59.83. Newmont Corporation has a 52 week low of $36.86 and a 52 week 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. The stock has a market cap of $93.55 billion, a P/E ratio of 15.29, a PEG ratio of 0.99 and a beta of 0.34.

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

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,246 shares of company stock valued at $1,253,559. Corporate 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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