Donoghue Forlines LLC Purchases New Position in Newmont Corporation $NEM

Donoghue Forlines LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 50,694 shares of the basic materials company’s stock, valued at approximately $2,953,000. Newmont makes up 0.8% of Donoghue Forlines LLC’s holdings, making the stock its 15th biggest holding.

Other hedge funds have also modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Newmont by 254.1% in the second quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 135,322 shares of the basic materials company’s stock valued at $7,883,000 after purchasing an additional 97,105 shares in the last quarter. Intrua Financial LLC purchased a new position in shares of Newmont in the 2nd quarter worth $297,000. ABN Amro Investment Solutions bought a new stake in shares of Newmont in the 2nd quarter worth about $1,642,000. Candriam S.C.A. raised its position in shares of Newmont by 7.4% during the 2nd quarter. Candriam S.C.A. now owns 140,040 shares of the basic materials company’s stock valued at $8,159,000 after buying an additional 9,692 shares in the last quarter. Finally, Kaizen Financial Strategies bought a new position in shares of Newmont in the 2nd quarter valued at about $202,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. The trade was a 5.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,237 shares of company stock worth $906,799 in the last three months. Corporate insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several analyst reports. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $71.50 to $114.00 in a research note on Thursday, October 23rd. UBS Group increased their price target on Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a report on Thursday, October 16th. BNP Paribas lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Royal Bank Of Canada increased their target price on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, Raymond James Financial set a $99.00 price target on shares of Newmont and gave the stock an “outperform” rating in a research note on Friday, October 24th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $88.99.

Newmont Price Performance

Newmont stock opened at $89.67 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The stock has a market cap of $97.85 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The firm has a 50-day moving average of $84.35 and a two-hundred day moving average of $68.46. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. On average, research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio is currently 15.53%.

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.