Sowell Financial Services LLC Acquires 10,499 Shares of Newmont Corporation $NEM

Key Points

• Sowell Financial Services LLC increased its holdings in Newmont Corporation by 151.3%, now owning 17,436 shares worth approximately $1,016,000.
• Newmont recently announced a quarterly dividend of $0.25 per share, representing an annualized dividend yield of 1.2%.
• Analysts have set a consensus price target of $73.38 for Newmont, with upgrades from various firms indicating a positive outlook on the company's performance.

Sowell Financial Services LLC boosted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 151.3% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,436 shares of the basic materials company's stock after acquiring an additional 10,499 shares during the quarter. Sowell Financial Services LLC's holdings in Newmont were worth $1,016,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. increased its stake in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC bought a new position in Newmont in the 1st quarter worth about $26,000. Colonial Trust Advisors increased its stake in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after acquiring an additional 429 shares during the last quarter. Private Trust Co. NA increased its stake in Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after acquiring an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC bought a new position in Newmont in the 1st quarter worth about $31,000. 68.85% of the stock is currently owned by institutional investors.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the sale, the director owned 38,949 shares of the company's stock, valued at approximately $2,905,205.91. This trade represents a 5.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,246 shares of company stock worth $1,253,559 in the last ninety days. 0.05% of the stock is owned by company insiders.

Newmont Trading Up 1.0%

Shares of NEM stock opened at $84.59 on Wednesday. The stock has a market capitalization of $92.91 billion, a PE ratio of 15.19, a P/E/G ratio of 0.97 and a beta of 0.34. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $86.62. The business has a 50-day moving average of $70.47 and a 200 day moving average of $58.98. 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 earnings results 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. The company had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.72 EPS. As a group, sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

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

Analysts Set New Price Targets

NEM has been the topic of a number of research analyst reports. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $66.00 to $95.00 in a research note on Wednesday, September 10th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Stifel Nicolaus started coverage on Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective for the company. Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Finally, CIBC upped their price objective on Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $73.38.

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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