US Asset Management LLC Invests $231,000 in Newmont Corporation $NEM

Key Points

• US Asset Management LLC has invested $231,000 in Newmont Corporation, acquiring a total of 3,972 shares in the company during the second quarter.
• Investment activity in Newmont has increased, with various institutional investors raising their stakes, contributing to institutional ownership now at 68.85% of the company's stock.
• Several analysts have raised their price targets for Newmont, with Goldman Sachs increasing theirs from $63.10 to $77.30, reflecting positive sentiments about the stock's performance.

US Asset Management LLC acquired a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,972 shares of the basic materials company's stock, valued at approximately $231,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NEM. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of 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 valued at $101,000 after purchasing an additional 185 shares during the period. Aaron Wealth Advisors LLC lifted its position in shares of Newmont by 4.4% in the second quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock valued at $260,000 after acquiring an additional 190 shares in the last quarter. Hemington Wealth Management lifted its position in shares of Newmont by 25.2% in the first quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 194 shares in the last quarter. Ipswich Investment Management Co. Inc. boosted its stake in shares of Newmont by 1.4% in the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock worth $689,000 after acquiring an additional 200 shares during the period. Finally, SOA Wealth Advisors LLC. grew its position in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. The Goldman Sachs Group upped their price target on Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a research note on Thursday, September 11th. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $66.00 to $95.00 in a research note on Wednesday, September 10th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Finally, BNP Paribas lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.38.

Insiders Place Their Bets

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the completion of the transaction, the director directly owned 38,949 shares of the company's stock, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,246 shares of company stock valued at $1,253,559 over the last three months. 0.05% of the stock is owned by company insiders.

Newmont Stock Up 1.8%

Shares of NYSE NEM opened at $85.17 on Friday. 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 Corporation has a 12-month low of $36.86 and a 12-month high of $86.62. The firm's 50-day moving average price is $72.02 and its 200-day moving average price is $59.72. The stock has a market capitalization of $93.55 billion, a price-to-earnings ratio of 15.29, a P/E/G ratio of 0.97 and a beta of 0.34.

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 for the quarter, topping 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 company 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 firm posted $0.72 earnings per share. The firm's revenue for the quarter was up 20.8% on a year-over-year basis. On average, equities research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

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

About Newmont

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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