Praxis Investment Management Inc. Acquires 3,730 Shares of Newmont Corporation $NEM

Key Points

• Praxis Investment Management Inc. has increased its ownership in Newmont Corporation by 12.2%, acquiring an additional 3,730 shares in the 2nd quarter, bringing its total holdings to 34,260 shares valued at approximately $1,996,000.
• Institutional investors now own 68.85% of Newmont's stock, indicating strong interest in the company from large financial entities.
• Newmont reported earnings of $1.43 per share for the last quarter, significantly exceeding the consensus estimate of $0.95, and showed a 20.8% year-over-year revenue increase.

Praxis Investment Management Inc. lifted its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 12.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,260 shares of the basic materials company's stock after acquiring an additional 3,730 shares during the quarter. Praxis Investment Management Inc.'s holdings in Newmont were worth $1,996,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Hemington Wealth Management increased its position in Newmont by 17.6% in the 2nd quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company's stock valued at $66,000 after buying an additional 170 shares in the last quarter. IVC Wealth Advisors LLC increased its holdings in Newmont by 1.3% during the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock worth $813,000 after purchasing an additional 173 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in Newmont by 11.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company's stock worth $101,000 after purchasing an additional 185 shares in the last quarter. Aaron Wealth Advisors LLC increased its holdings in Newmont by 4.4% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock worth $260,000 after purchasing an additional 190 shares in the last quarter. Finally, Chelsea Counsel Co. grew its holdings in shares of Newmont by 1.0% in the second quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company's stock valued at $1,067,000 after acquiring an additional 190 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the transaction, the director directly owned 36,869 shares of the company's stock, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,249 shares of company stock valued at $1,132,065. Company insiders own 0.05% of the company's stock.

Newmont Price Performance

Shares of NYSE NEM opened at $98.22 on Friday. The stock has a fifty day simple moving average of $78.81 and a two-hundred day simple moving average of $63.68. 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 $107.89 billion, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 1.02 and a beta of 0.34. 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 announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating the consensus estimate 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 period in the prior year, the company earned $0.72 earnings per share. Newmont's revenue was up 20.8% compared to the same quarter last year. Analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Raymond James Financial set a $96.00 price target on Newmont in a research report on Friday, October 10th. Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target for the company. Stifel Canada raised Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Weiss Ratings downgraded Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, October 8th. Finally, Zacks Research downgraded 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, twelve have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.59.

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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