Newmont Corporation $NEM Stock Position Increased by Wedmont Private Capital

Key Points

• Wedmont Private Capital significantly increased its stake in Newmont Corporation by 376.3%, owning 55,312 shares valued at $3.25 million by the end of the quarter.
• Several research firms have issued revised ratings on Newmont, with BNP Paribas Exane raising its price target from $66 to $92 and a majority of analysts giving it a rating of "Moderate Buy."
• Newmont reported a strong quarterly performance with $5.32 billion in revenue and $1.43 earnings per share, exceeding analysts' expectations and showing a year-over-year revenue increase of 20.8%.

Wedmont Private Capital raised its position in Newmont Corporation (NYSE:NEM - Free Report) by 376.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 55,312 shares of the basic materials company's stock after buying an additional 43,699 shares during the period. Wedmont Private Capital's holdings in Newmont were worth $3,250,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Baader Bank Aktiengesellschaft boosted its holdings in Newmont by 16.3% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 24,521 shares of the basic materials company's stock valued at $1,366,000 after purchasing an additional 3,444 shares during the last quarter. Lake Hills Wealth Management LLC acquired a new stake in shares of Newmont in the 2nd quarter valued at $417,000. Sivia Capital Partners LLC acquired a new stake in shares of Newmont in the 2nd quarter valued at $240,000. Central Valley Advisors LLC raised its stake in Newmont by 3.4% during the 2nd quarter. Central Valley Advisors LLC now owns 36,985 shares of the basic materials company's stock worth $2,155,000 after acquiring an additional 1,230 shares in the last quarter. Finally, Radnor Capital Management LLC increased its stake in Newmont by 1.9% in the second quarter. Radnor Capital Management LLC now owns 20,320 shares of the basic materials company's stock valued at $1,184,000 after purchasing an additional 375 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NEM shares. CIBC lifted their target price on shares of Newmont from $74.00 to $78.00 and gave the company a "neutral" rating in a report on Friday, September 12th. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. UBS Group boosted their price objective on shares of Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a report on Friday. BNP Paribas Exane boosted their price objective on shares of Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Finally, National Bankshares raised shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.31.

Insider Activity

In other 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 value 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 filing with the SEC, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction 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. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 19,246 shares of company stock valued at $1,253,559. Company insiders own 0.05% of the company's stock.

Newmont Stock Up 1.6%

NEM stock traded up $1.32 during mid-day trading on Monday, hitting $83.04. 6,214,632 shares of the company were exchanged, compared to its average volume of 11,752,568. The company has a market capitalization of $91.22 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 0.96 and a beta of 0.33. 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 twelve month low of $36.86 and a twelve month high of $83.80. The firm has a fifty day simple moving average of $69.47 and a 200 day simple moving average of $58.52.

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, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the business earned $0.72 EPS. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. On average, research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Newmont's payout ratio is 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.