Gamco Investors INC. ET AL Buys 24,602 Shares of Newmont Corporation $NEM

Gamco Investors INC. ET AL boosted its holdings in Newmont Corporation (NYSE:NEM) by 4.3% in the first quarter, Holdings Channel reports. The firm owned 602,436 shares of the basic materials company’s stock after purchasing an additional 24,602 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Newmont were worth $29,086,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position in shares of Newmont by 13.2% in the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock worth $569,000 after purchasing an additional 1,379 shares during the period. First Trust Advisors LP raised its position in shares of Newmont by 9.9% during the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company’s stock valued at $3,575,000 after buying an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Newmont in the first quarter worth $423,000. Spire Wealth Management boosted its holdings in shares of Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company’s stock valued at $114,000 after buying an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC bought a new position in Newmont in the 1st quarter worth about $202,000. Institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In other news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the sale, the director directly owned 41,026 shares in the company, valued at $2,611,715.16. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,246 shares of company stock worth $1,373,251. 0.05% of the stock is owned by company insiders.

Newmont Trading Up 0.6%

NYSE:NEM opened at $71.16 on Tuesday. The firm has a market cap of $78.17 billion, a P/E ratio of 12.78, a PEG ratio of 0.84 and a beta of 0.30. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The stock’s 50 day simple moving average is $62.72 and its 200-day simple moving average is $54.33. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $71.75.

Newmont (NYSE:NEM) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. Equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont’s dividend payout ratio is currently 17.95%.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of recent research reports. Wall Street Zen raised Newmont from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. The Goldman Sachs Group reiterated a “neutral” rating and set a $60.90 price target on shares of Newmont in a research report on Tuesday, July 8th. UBS Group boosted their price objective on Newmont from $60.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, July 3rd. Scotiabank increased their price objective on Newmont from $69.00 to $72.00 and gave the company a “sector perform” rating in a research note on Monday, July 28th. Finally, Raymond James Financial upped their target price on Newmont from $67.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, July 28th. Four analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.58.

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.