Gables Capital Management Inc. Takes Position in Newmont Corporation $NEM

Gables Capital Management Inc. purchased a new position in shares of Newmont Corporation (NYSE:NEM) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 4,600 shares of the basic materials company’s stock, valued at approximately $430,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NEM. Pinnacle Bancorp Inc. purchased a new stake in shares of Newmont in the 1st quarter valued at about $25,000. Cedar Mountain Advisors LLC purchased a new position in Newmont during the 1st quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in Newmont during the 2nd quarter worth approximately $25,000. Swiss RE Ltd. acquired a new position in Newmont during the fourth quarter worth approximately $26,000. Finally, Cornerstone Planning Group LLC increased its position in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Down 3.6%

Shares of Newmont stock opened at $115.99 on Wednesday. The firm has a market cap of $122.22 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47. Newmont Corporation has a 52-week low of $67.20 and a 52-week high of $134.88. The company’s 50-day simple moving average is $99.71 and its 200-day simple moving average is $108.70. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter last year, the firm earned $1.43 earnings per share. As a group, equities research analysts anticipate that Newmont Corporation will post 9 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is currently 13.13%.

Analyst Ratings Changes

NEM has been the subject of several research analyst reports. Royal Bank Of Canada decreased their price objective on Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Argus set a $110.00 price target on shares of Newmont in a research report on Monday, August 3rd. UBS Group decreased their price target on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, Scotiabank raised their price objective on shares of Newmont from $147.00 to $149.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.59.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the transaction, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. This represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,091 shares of company stock valued at $3,292,513 in the last three months. 0.06% of the stock is currently owned by company insiders.

Newmont Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.