Cosner Financial Group LLC Makes New Investment in Newmont Corporation $NEM

Cosner Financial Group LLC acquired a new stake in shares of Newmont Corporation (NYSE:NEM) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 3,462 shares of the basic materials company’s stock, valued at approximately $202,000.

A number of other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in shares of Newmont by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock valued at $773,159,000 after buying an additional 1,306,783 shares in the last quarter. Northern Trust Corp lifted its position in shares of Newmont by 1.5% during the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock valued at $624,458,000 after buying an additional 191,940 shares in the last quarter. Amundi lifted its position in shares of Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after buying an additional 343,535 shares in the last quarter. Invesco Ltd. lifted its position in shares of Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company’s stock valued at $518,936,000 after buying an additional 228,116 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Newmont by 15.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock valued at $423,572,000 after buying an additional 1,201,237 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NEM. National Bank Financial raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, July 25th. Stifel Nicolaus began coverage on Newmont in a report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price target on the stock. TD Securities boosted their price target on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $71.50 to $114.00 in a report on Thursday. Finally, Royal Bank Of Canada raised Newmont from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $66.00 to $95.00 in a report on Wednesday, September 10th. Five analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Newmont has a consensus rating of “Buy” and a consensus target price of $90.59.

Newmont Stock Performance

NYSE:NEM opened at $83.25 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58. The stock’s 50 day simple moving average is $81.17 and its two-hundred day simple moving average is $65.56. The company has a market cap of $91.45 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.57 and a beta of 0.34.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.69% and a net margin of 33.42%.The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $0.81 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont’s payout ratio is presently 15.53%.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares of the company’s stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. The trade was a 5.34% decrease in their position. 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 quarter. 0.05% of the stock is currently owned by 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.