NorthRock Partners LLC Raises Stock Position in Newmont Corporation $NEM

NorthRock Partners LLC lifted its stake in shares of Newmont Corporation (NYSE:NEM) by 36.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 11,173 shares of the basic materials company’s stock after acquiring an additional 2,956 shares during the quarter. NorthRock Partners LLC’s holdings in Newmont were worth $651,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Knights of Columbus Asset Advisors LLC lifted its position in shares of Newmont by 59.6% during the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after buying an additional 5,848 shares during the last quarter. Generate Investment Management Ltd raised its position in Newmont by 25.9% in the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock valued at $22,079,000 after purchasing an additional 77,865 shares during the last quarter. Bessemer Group Inc. boosted its stake in Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock worth $569,000 after purchasing an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in Newmont during the 1st quarter worth $423,000. Finally, Spire Wealth Management grew its position in Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 1,309 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM opened at $90.51 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock has a market capitalization of $99.42 billion, a P/E ratio of 16.25, a P/E/G ratio of 0.99 and a beta of 0.34. The company’s fifty day moving average is $77.71 and its two-hundred day moving average is $63.13. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $91.24.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont’s revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 EPS. On average, sell-side analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

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. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s dividend payout ratio is 17.95%.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares in the company, valued at approximately $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 have sold a total of 16,249 shares of company stock valued at $1,132,065 in the last ninety days. 0.05% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have issued reports on NEM shares. Macquarie downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Raymond James Financial set a $96.00 price objective on shares of Newmont in a research report on Friday. UBS Group raised their price objective on shares of Newmont from $70.00 to $92.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the stock a “buy” rating in a research report on Sunday. Finally, Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Four equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.18.

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.