Belpointe Asset Management LLC Invests $2.24 Million in Newmont Corporation $NEM

Belpointe Asset Management LLC bought a new position in shares of Newmont Corporation (NYSE:NEM) during the second quarter, Holdings Channel.com reports. The fund bought 38,357 shares of the basic materials company’s stock, valued at approximately $2,235,000.

Other hedge funds have also recently added to or reduced their stakes in the company. IVC Wealth Advisors LLC increased its position in shares of Newmont by 1.3% in the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company’s stock valued at $813,000 after purchasing an additional 173 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Newmont by 11.9% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 185 shares in the last quarter. Aaron Wealth Advisors LLC increased its holdings in 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 buying an additional 190 shares during the last quarter. Chelsea Counsel Co. raised its stake in Newmont by 1.0% in the second quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company’s stock valued at $1,067,000 after buying an additional 190 shares in the last quarter. Finally, Hemington Wealth Management lifted its holdings in Newmont by 25.2% during the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company’s stock worth $46,000 after buying an additional 194 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $88.60 on Tuesday. Newmont Corporation has a one year low of $36.86 and a one year high of $89.37. The stock has a market capitalization of $97.32 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 0.97 and a beta of 0.34. The company has a 50-day simple moving average of $74.87 and a 200-day simple moving average of $61.56. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Thursday, September 4th. Newmont’s dividend payout ratio is 17.95%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NEM. National Bank Financial upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, July 25th. Stifel Nicolaus began coverage on shares of Newmont in a report on Wednesday, July 9th. They set a “buy” rating and a $73.00 price objective on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a report on Saturday, September 27th. The Goldman Sachs Group lifted their price target on shares of Newmont from $63.10 to $77.30 and gave the stock a “neutral” rating in a research note on Thursday, September 11th. Finally, Stifel Canada raised Newmont to a “strong-buy” rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus price target of $74.18.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 sale, 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 disclosure for this sale can be found here. Insiders sold a total of 16,249 shares of company stock valued at $1,132,065 over the last three months. 0.05% of the stock is currently owned by company insiders.

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.