Spire Wealth Management Raises Holdings in Newmont Corporation $NEM

Spire Wealth Management increased its position in shares of Newmont Corporation (NYSE:NEM) by 757.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,200 shares of the basic materials company’s stock after acquiring an additional 17,844 shares during the quarter. Spire Wealth Management’s holdings in Newmont were worth $1,177,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of NEM. Nuveen LLC purchased a new position in shares of Newmont in the 1st quarter valued at $306,507,000. Pacer Advisors Inc. lifted its stake in shares of Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after acquiring an additional 5,251,616 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Newmont by 1,502.5% during the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after buying an additional 4,399,778 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in Newmont by 1,074.8% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock worth $116,416,000 after acquiring an additional 2,206,017 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in Newmont by 2,003.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after purchasing an additional 1,506,010 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Brian Tabolt sold 7,015 shares of the business’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 transaction, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the sale, the director owned 36,869 shares of the company’s stock, valued at $3,133,496.31. The trade was a 5.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 11,172 shares of company stock worth $808,863 over the last ninety days. Insiders own 0.05% of the company’s stock.

Newmont Trading Down 1.8%

Shares of NYSE:NEM opened at $80.85 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The stock’s 50-day moving average is $82.25 and its 200-day moving average is $66.55. The company has a market cap of $88.23 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.53 and a beta of 0.34. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $98.58.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the business earned $0.81 earnings per share. Equities research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Newmont’s dividend payout ratio is presently 15.53%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the company a “buy” rating in a research report on Sunday, October 12th. Citigroup raised their price target on Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Weiss Ratings raised Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday, October 25th. Macquarie cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Finally, BNP Paribas Exane boosted their price objective on Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $86.92.

Newmont Company 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.