Empirical Asset Management LLC Makes New $840,000 Investment in Newmont Corporation $NEM

Empirical Asset Management LLC purchased a new stake in Newmont Corporation (NYSE:NEM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,960 shares of the basic materials company’s stock, valued at approximately $840,000.

Several other large investors also recently bought and sold shares of NEM. Physician Wealth Advisors Inc. lifted its holdings in shares of Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 236 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Newmont by 53.5% during the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after buying an additional 139 shares during the period. Salomon & Ludwin LLC purchased a new stake in Newmont in the third quarter valued at approximately $44,000. Capital A Wealth Management LLC boosted its holdings in shares of Newmont by 1,648.3% in the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 478 shares during the period. Finally, Caldwell Trust Co purchased a new position in shares of Newmont during the second quarter worth approximately $31,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. BMO Capital Markets reduced their target price on shares of Newmont from $145.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, February 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a report on Monday, December 29th. BNP Paribas Exane boosted their price target on Newmont from $97.00 to $123.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Finally, National Bank Financial increased their price objective on Newmont from $120.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $132.88.

Newmont Stock Performance

Shares of NEM stock opened at $124.76 on Thursday. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. Newmont Corporation has a 12-month low of $41.23 and a 12-month high of $134.88. The company has a market cap of $135.72 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 1.06 and a beta of 0.40. The stock has a 50 day simple moving average of $114.64 and a 200-day simple moving average of $94.32.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.71. The firm had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.Newmont’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.40 earnings per share. On average, equities analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be issued a dividend of $0.26 per share. This is an increase from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, March 3rd. Newmont’s payout ratio is presently 15.65%.

Newmont Company 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.