Chelsea Counsel Co. Boosts Position in Newmont Corporation $NEM

Chelsea Counsel Co. boosted its stake in Newmont Corporation (NYSE:NEM) by 1.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,320 shares of the basic materials company’s stock after buying an additional 190 shares during the period. Chelsea Counsel Co.’s holdings in Newmont were worth $1,067,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Generate Investment Management Ltd increased its stake in Newmont by 25.9% during the second quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares during the period. Bessemer Group Inc. boosted its holdings in Newmont by 13.2% in the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock valued at $569,000 after purchasing an additional 1,379 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Newmont in the first quarter valued at approximately $423,000. Spire Wealth Management lifted its stake in Newmont by 125.0% in the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company’s stock valued at $114,000 after buying an additional 1,309 shares during the last quarter. Finally, Bayforest Capital Ltd lifted its stake in Newmont by 269.4% in the first quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company’s stock valued at $426,000 after buying an additional 6,439 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Down 0.3%

NYSE:NEM opened at $84.29 on Wednesday. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $87.93. The firm has a market capitalization of $92.59 billion, a P/E ratio of 15.13, a P/E/G ratio of 0.98 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The business has a 50 day simple moving average of $72.97 and a 200 day simple moving average of $60.37.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. Equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, September 4th. Newmont’s payout ratio is currently 17.95%.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the business’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction 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 transaction, the director owned 38,949 shares in the company, valued at $2,905,205.91. This represents a 5.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,169 shares of company stock valued at $955,286. Corporate insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research reports. The Goldman Sachs Group boosted their price objective on Newmont from $63.10 to $77.30 and gave the company a “neutral” rating in a research note on Thursday, September 11th. National Bank Financial upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Stifel Nicolaus assumed coverage on Newmont in a report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 target price on the stock. Stifel Canada raised Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, UBS Group raised their price objective on Newmont from $70.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus price target 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.