Lighthouse Investment Partners LLC Buys New Stake in Newmont Co. (NYSE:NEM)

Lighthouse Investment Partners LLC purchased a new stake in Newmont Co. (NYSE:NEM) during the second quarter, HoldingsChannel.com reports. The fund purchased 147,789 shares of the basic materials company’s stock, valued at approximately $6,188,000.

Several other institutional investors and hedge funds have also made changes to their positions in NEM. Vanguard Group Inc. lifted its stake in Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after buying an additional 1,289,084 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Newmont by 25.9% in the 4th quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock valued at $537,594,000 after buying an additional 2,671,774 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after buying an additional 545,903 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Newmont by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after acquiring an additional 313,736 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NEM has been the topic of several research reports. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and raised their price objective for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Jefferies Financial Group raised their price target on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. BNP Paribas raised Newmont to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Finally, BMO Capital Markets increased their price target on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $52.62.

Newmont Price Performance

Shares of NYSE:NEM opened at $55.54 on Friday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $50.54 and a 200 day moving average price of $43.99. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $56.30. The company has a market cap of $64.05 billion, a P/E ratio of -20.80, a PEG ratio of 0.47 and a beta of 0.49.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the business earned $0.33 earnings per share. The company’s revenue for the quarter was up 64.1% compared to the same quarter last year. Research analysts predict that Newmont Co. will post 2.88 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.80%. Newmont’s dividend payout ratio is presently -37.45%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were 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 in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,000 shares of company stock valued at $2,744,700. Corporate insiders own 0.06% 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.