Rafferty Asset Management LLC Has $3.79 Million Stake in Newmont Corporation $NEM

Key Points

• Rafferty Asset Management LLC reduced its holdings in Newmont Corporation by 20.6%, now owning 78,504 shares valued at approximately $3.79 million following the sale of 20,314 shares.
• Several other institutional investors have increased their stakes in Newmont, including Bank of New York Mellon Corp, which raised its stake by 8.9%.
• Newmont recently declared a quarterly dividend of $0.25 per share, with an annual yield of 1.3%, scheduled for payment on September 29th.

Rafferty Asset Management LLC trimmed its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 20.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,504 shares of the basic materials company's stock after selling 20,314 shares during the period. Rafferty Asset Management LLC's holdings in Newmont were worth $3,790,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Hemington Wealth Management increased its stake in shares of Newmont by 25.2% in the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock valued at $46,000 after buying an additional 194 shares during the period. Ipswich Investment Management Co. Inc. lifted its position in Newmont by 1.4% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock valued at $689,000 after purchasing an additional 200 shares during the period. SOA Wealth Advisors LLC. grew its position in shares of Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares during the period. Rothschild Investment LLC raised its stake in shares of Newmont by 8.5% during the first quarter. Rothschild Investment LLC now owns 2,786 shares of the basic materials company's stock worth $135,000 after buying an additional 219 shares during the last quarter. Finally, Twin Capital Management Inc. boosted its stake in Newmont by 0.7% in the first quarter. Twin Capital Management Inc. now owns 38,798 shares of the basic materials company's stock valued at $1,873,000 after acquiring an additional 254 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NEM. Stifel Nicolaus began coverage on Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. The Goldman Sachs Group reiterated a "neutral" rating and set a $60.90 price objective on shares of Newmont in a research note on Tuesday, July 8th. Finally, Raymond James Financial boosted their target price on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Four research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.15.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the sale, the director owned 41,026 shares of the company's stock, valued at $2,611,715.16. This trade represents a 4.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,169 shares of company stock valued at $1,098,636. 0.05% of the stock is currently owned by company insiders.

Newmont Trading Down 0.6%

NYSE NEM traded down $0.44 during trading hours on Wednesday, reaching $75.42. The company's stock had a trading volume of 6,264,507 shares, compared to its average volume of 11,695,830. The firm has a fifty day simple moving average of $64.56 and a 200-day simple moving average of $55.41. The stock has a market cap of $82.85 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.88 and a beta of 0.34. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $76.52. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the business earned $0.72 EPS. Equities analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio is currently 17.95%.

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.