Synergy Asset Management LLC Acquires Shares of 326,399 Newmont Corporation $NEM

Key Points

• Synergy Asset Management LLC has acquired 326,399 shares of Newmont Corporation, valued at approximately $19 million, making Newmont its 16th largest holding.
• Newmont reported earnings of $1.43 per share for the last quarter, significantly beating analyst estimates, with a revenue of $5.32 billion, up 20.8% year-over-year.
• The company recently announced a quarterly dividend of $0.25 per share, resulting in an annualized dividend yield of 1.2%.

Synergy Asset Management LLC purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 326,399 shares of the basic materials company's stock, valued at approximately $19,016,000. Newmont comprises 2.2% of Synergy Asset Management LLC's holdings, making the stock its 16th biggest holding.

A number of other institutional investors have also made changes to their positions in NEM. SOA Wealth Advisors LLC. raised its holdings in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares during the last quarter. Cloud Capital Management LLC bought a new position in shares of Newmont in the first quarter valued at about $26,000. Colonial Trust Advisors raised its holdings in shares of Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after buying an additional 429 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares during the last quarter. Finally, Alpine Bank Wealth Management bought a new position in shares of Newmont in the first quarter valued at about $32,000. 68.85% of the stock is owned by institutional investors.

Newmont Price Performance

Newmont stock opened at $86.35 on Friday. The firm has a market capitalization of $94.85 billion, a P/E ratio of 15.50, a PEG ratio of 0.96 and a beta of 0.34. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $87.93. The business has a 50-day moving average of $73.95 and a 200-day moving average of $60.81. 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 posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 EPS. On average, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

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

Insider Transactions at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the transaction, the director owned 38,949 shares of the company's stock, valued at $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,169 shares of company stock worth $955,286. 0.05% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NEM shares. Royal Bank Of Canada raised Newmont from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $66.00 to $95.00 in a report on Wednesday, September 10th. Raymond James Financial lifted their price objective on Newmont from $77.00 to $84.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 23rd. The Goldman Sachs Group lifted their price objective on Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a research report on Thursday, September 11th. UBS Group lifted their price objective on Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Finally, Macquarie lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Three investment 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 issued a Sell rating to the stock. According to data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.38.

Newmont Company 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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