Old Port Advisors Invests $819,000 in Newmont Corporation $NEM

Old Port Advisors purchased a new position in shares of Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,059 shares of the basic materials company’s stock, valued at approximately $819,000.

Several other hedge funds have also recently added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. raised its holdings in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Newmont in the first quarter valued at approximately $26,000. Colonial Trust Advisors raised its holdings in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 429 shares in the last quarter. Private Trust Co. NA raised its holdings in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 347 shares in the last quarter. Finally, Alpine Bank Wealth Management acquired a new stake in Newmont in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the topic of several recent analyst reports. CIBC increased their price target on shares of Newmont from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Friday, September 12th. National Bank Financial upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Scotiabank lifted their price objective on shares of Newmont from $69.00 to $72.00 and gave the company a “sector perform” rating in a research report on Monday, July 28th. Stifel Nicolaus began coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 target price on the stock. Finally, Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $73.38.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the company’s 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 $2,218,472.30. This represents a 17.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the transaction, the director owned 38,949 shares of the company’s stock, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock worth $1,253,559 in the last 90 days. 0.05% of the stock is owned by company insiders.

Newmont Trading Up 1.8%

NYSE:NEM opened at $85.17 on Friday. The company has a market capitalization of $93.55 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 0.99 and a beta of 0.34. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $86.62. The stock has a fifty day simple moving average of $72.02 and a 200-day simple moving average of $59.83.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the company posted $0.72 EPS. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, equities research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, September 4th. Newmont’s dividend payout ratio is currently 17.95%.

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.