Friedenthal Financial Buys New Position in Newmont Co. (NYSE:NEM)

Friedenthal Financial purchased a new position in Newmont Co. (NYSE:NEM) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 1,271 shares of the basic materials company’s stock, valued at approximately $53,000.

A number of other large investors have also modified their holdings of NEM. Vanguard Group Inc. boosted its position in Newmont by 43.8% in the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after buying an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp grew its holdings in Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after acquiring an additional 18,664,614 shares during the period. Norges Bank purchased a new position in Newmont during the fourth quarter valued at approximately $604,516,000. Charles Schwab Investment Management Inc. lifted its holdings in Newmont by 44.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after acquiring an additional 7,635,657 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.2 %

NYSE NEM opened at $49.13 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont Co. has a one year low of $29.42 and a one year high of $50.72. The firm has a market cap of $56.65 billion, a price-to-earnings ratio of -18.36, a PEG ratio of 0.37 and a beta of 0.47. The firm has a 50 day simple moving average of $44.79 and a 200-day simple moving average of $39.84.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont’s revenue was up 64.1% compared to the same quarter last year. During the same period last year, the business posted $0.33 earnings per share. Equities research analysts anticipate that Newmont Co. will post 2.76 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.04%. Newmont’s payout ratio is -37.45%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NEM shares. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price objective for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Sanford C. Bernstein decreased their price target on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research note on Thursday, May 16th. National Bank Financial downgraded Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Finally, TD Securities increased their target price on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday, April 26th. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.00.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.06% of the company’s stock.

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.