Columbia Asset Management Increases Stake in Newmont Corporation $NEM

Columbia Asset Management lifted its stake in shares of Newmont Corporation (NYSE:NEM) by 6.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 6,270 shares of the basic materials company’s stock after acquiring an additional 401 shares during the period. Columbia Asset Management’s holdings in Newmont were worth $365,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Park Place Capital Corp lifted its holdings in shares of Newmont by 13,821.0% during the 2nd quarter. Park Place Capital Corp now owns 14,617 shares of the basic materials company’s stock worth $860,000 after acquiring an additional 14,512 shares during the period. Greenleaf Trust lifted its holdings in shares of Newmont by 9.2% during the 2nd quarter. Greenleaf Trust now owns 25,901 shares of the basic materials company’s stock worth $1,509,000 after acquiring an additional 2,190 shares during the period. Capital Investment Advisors LLC lifted its holdings in shares of Newmont by 1.7% during the 2nd quarter. Capital Investment Advisors LLC now owns 711,687 shares of the basic materials company’s stock worth $41,463,000 after acquiring an additional 12,194 shares during the period. Oak Family Advisors LLC lifted its holdings in shares of Newmont by 91.4% during the 2nd quarter. Oak Family Advisors LLC now owns 67,309 shares of the basic materials company’s stock worth $3,921,000 after acquiring an additional 32,139 shares during the period. Finally, HB Wealth Management LLC lifted its holdings in shares of Newmont by 39.9% during the 2nd quarter. HB Wealth Management LLC now owns 27,719 shares of the basic materials company’s stock worth $1,615,000 after acquiring an additional 7,904 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares of the company’s stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. 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 2,077 shares of the firm’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 transaction of $154,923.43. Following the sale, the director directly owned 38,949 shares of the company’s stock, valued at $2,905,205.91. The trade was a 5.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,169 shares of company stock valued at $955,286 over the last 90 days. 0.05% of the stock is owned by corporate insiders.

Newmont Stock Down 0.3%

Shares of NYSE:NEM opened at $84.29 on Wednesday. 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 $87.93. The company has a 50 day moving average of $72.97 and a two-hundred day moving average of $60.37. The company has a market capitalization of $92.59 billion, a price-to-earnings ratio of 15.13, a price-to-earnings-growth ratio of 0.98 and a beta of 0.34.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) 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 company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the company earned $0.72 earnings per share. Newmont’s revenue for the quarter was up 20.8% on a year-over-year basis. As a group, analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont’s dividend payout ratio (DPR) is 17.95%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Newmont from $63.10 to $77.30 and gave the stock a “neutral” rating in a report on Thursday, September 11th. Scotiabank increased their target price on shares of Newmont from $69.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Monday, July 28th. BNP Paribas Exane increased their target price on shares of Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. UBS Group increased their target price on shares of Newmont from $70.00 to $92.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Finally, National Bank Financial raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.38.

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.