1832 Asset Management L.P. Invests $4.37 Million in Newmont Corporation $NEM

1832 Asset Management L.P. bought a new stake in Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 74,955 shares of the basic materials company’s stock, valued at approximately $4,367,000.

Other institutional investors have also added to or reduced their stakes in the company. Concord Wealth Partners lifted its stake in Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. Evermay Wealth Management LLC lifted its position in shares of Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after buying an additional 400 shares during the last quarter. Country Trust Bank bought a new position in shares of Newmont during the 2nd quarter worth approximately $32,000. Colonial Trust Advisors increased its holdings in shares of Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 429 shares during the last quarter. Finally, Financial Management Professionals Inc. raised its stake in Newmont by 274.1% in the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 444 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of research reports. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. CIBC set a $112.00 price objective on Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $71.50 to $114.00 in a research note on Thursday, October 23rd. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Finally, Royal Bank Of Canada boosted their price target on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.22.

Newmont Price Performance

Shares of NYSE:NEM opened at $89.84 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $98.58. The firm has a market cap of $98.04 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 0.63 and a beta of 0.41. The firm’s fifty day moving average is $86.92 and its 200-day moving average is $72.49.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $5.14 billion. During the same quarter last year, the business earned $0.81 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. Sell-side analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The firm 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is 15.53%.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the transaction, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This trade represents a 5.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 11,240 shares of company stock valued at $943,985 over the last quarter. Corporate insiders own 0.05% of the company’s stock.

About Newmont

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.