Parallel Advisors LLC Buys 588 Shares of Newmont Corporation $NEM

Parallel Advisors LLC boosted its holdings in Newmont Corporation (NYSE:NEM) by 8.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,723 shares of the basic materials company’s stock after buying an additional 588 shares during the period. Parallel Advisors LLC’s holdings in Newmont were worth $450,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of NEM. SOA Wealth Advisors LLC. grew its position in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new stake in shares of Newmont in the 1st quarter worth approximately $26,000. Colonial Trust Advisors boosted its position in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Private Trust Co. NA grew its holdings in shares of Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after buying an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC purchased a new stake in Newmont in the first quarter worth approximately $31,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NYSE NEM opened at $81.68 on Friday. The firm has a 50-day simple moving average of $69.47 and a 200-day simple moving average of $58.32. The stock has a market capitalization of $89.72 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 0.92 and a beta of 0.34. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $82.05.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same period last year, the business earned $0.72 earnings per share. Newmont’s revenue was up 20.8% compared to the same quarter last year. On average, equities analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Newmont’s dividend payout ratio (DPR) is presently 17.95%.

Analyst Upgrades and Downgrades

NEM has been the topic of several recent analyst reports. Raymond James Financial raised their price objective on shares of Newmont from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Stifel Canada upgraded shares of Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. BNP Paribas Exane boosted their price target on shares of Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a report on Monday, September 15th. CIBC boosted their price objective on shares of Newmont from $74.00 to $78.00 and gave the stock a “neutral” rating in a research note on Friday, September 12th. Finally, The Goldman Sachs Group boosted their target price on shares of Newmont from $63.10 to $77.30 and gave the stock a “neutral” rating in a research report on Thursday, September 11th. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.31.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred 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 transaction, the executive vice president owned 58,736 shares in the company, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the sale, the director owned 38,949 shares of the company’s stock, valued at $2,905,205.91. This represents a 5.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,246 shares of company stock valued at $1,253,559. 0.05% of the stock is currently owned by company insiders.

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.