10,138 Shares in Newmont Co. (NYSE:NEM) Acquired by Summit Financial LLC

Summit Financial LLC acquired a new position in Newmont Co. (NYSE:NEM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,138 shares of the basic materials company’s stock, valued at approximately $424,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in Newmont during the 1st quarter valued at $25,000. Manchester Capital Management LLC raised its stake in Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after buying an additional 397 shares during the last quarter. Heritage Wealth Advisors raised its stake in Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares during the last quarter. Crewe Advisors LLC purchased a new stake in Newmont during the 1st quarter valued at $35,000. Finally, Rise Advisors LLC raised its stake in Newmont by 2,373.2% during the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock valued at $36,000 after buying an additional 973 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NEM shares. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their price objective for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Jefferies Financial Group upped their price objective on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.46.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Down 2.1 %

Shares of NYSE NEM opened at $52.27 on Wednesday. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $53.88. The stock has a market capitalization of $60.27 billion, a price-to-earnings ratio of -19.58, a P/E/G ratio of 0.39 and a beta of 0.47. The firm’s 50-day moving average price is $47.86 and its 200-day moving average price is $41.75.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same period in the prior year, the company posted $0.33 EPS. The firm’s revenue for the quarter was up 64.1% on a year-over-year basis. On average, equities research analysts anticipate that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

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.