Choreo LLC Takes $764,000 Position in Newmont Co. (NYSE:NEM)

Choreo LLC bought a new position in shares of Newmont Co. (NYSE:NEM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 18,335 shares of the basic materials company’s stock, valued at approximately $764,000.

Several other large investors have also recently added to or reduced their stakes in the business. KCM Investment Advisors LLC increased its stake in shares of Newmont by 2.3% during the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after acquiring an additional 244 shares during the last quarter. Meeder Advisory Services Inc. increased its position in Newmont by 3.8% during the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 278 shares during the last quarter. Moody National Bank Trust Division raised its stake in Newmont by 1.7% during the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after purchasing an additional 296 shares during the period. Berkeley Capital Partners LLC boosted its holdings in shares of Newmont by 5.6% in the 4th quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after purchasing an additional 318 shares during the last quarter. Finally, Crestmont Private Wealth LLC boosted its holdings in shares of Newmont by 4.9% in the 1st quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 319 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Up 1.6 %

NYSE NEM opened at $53.71 on Friday. The stock has a market cap of $61.63 billion, a P/E ratio of -20.12, a PEG ratio of 0.37 and a beta of 0.49. The company’s fifty day simple moving average is $49.32 and its 200-day simple moving average is $42.70. 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 52 week low of $29.42 and a 52 week high of $54.25.

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

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio is currently -37.45%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,000 shares of company stock valued at $2,744,700. Insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NEM. Bank of America increased their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Jefferies Financial Group boosted their target price on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Finally, UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and lifted their price target for the company from $40.00 to $50.00 in a research report on Monday, June 17th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

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.