Beach Investment Counsel Inc. PA Buys Shares of 34,535 Newmont Co. (NYSE:NEM)

Beach Investment Counsel Inc. PA purchased a new stake in Newmont Co. (NYSE:NEM) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 34,535 shares of the basic materials company’s stock, valued at approximately $1,667,000.

Several other institutional investors and hedge funds also recently modified their holdings of NEM. Nexus Investment Management ULC acquired a new position in shares of Newmont during the 1st quarter worth approximately $31,000. Redwood Park Advisors LLC acquired a new position in shares of Newmont in the fourth quarter worth $37,000. Promus Capital LLC purchased a new stake in shares of Newmont in the fourth quarter valued at $38,000. Kestra Investment Management LLC acquired a new stake in shares of Newmont during the fourth quarter valued at $43,000. Finally, Assetmark Inc. boosted its stake in shares of Newmont by 185.9% during the fourth quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company’s stock valued at $47,000 after acquiring an additional 820 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NEM. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and boosted their target price for the company from $50.00 to $60.00 in a research note on Friday, April 11th. National Bankshares reissued a “sector perform” rating on shares of Newmont in a research report on Wednesday, April 23rd. TD Securities decreased their target price on shares of Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, February 26th. Argus set a $63.00 price target on Newmont in a report on Friday, April 25th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Newmont in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.68.

Insiders Place Their Bets

In related news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $112,344.93. Following the sale, the director now directly owns 45,180 shares in the company, valued at approximately $2,443,786.20. This trade represents a 4.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president now owns 77,526 shares of the company’s stock, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,154 shares of company stock worth $381,539 over the last quarter. 0.05% of the stock is owned by corporate insiders.

Newmont Stock Down 3.9%

NEM opened at $52.36 on Friday. Newmont Co. has a 1 year low of $36.86 and a 1 year high of $58.72. The firm has a 50 day moving average price of $52.16 and a 200 day moving average price of $45.99. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company has a market cap of $58.28 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.54. The company had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. During the same quarter in the prior year, the business earned $0.55 earnings per share. Sell-side analysts expect that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.91%. The ex-dividend date is Tuesday, May 27th. Newmont’s dividend payout ratio (DPR) is presently 22.42%.

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.