Newmont Corporation $NEM Shares Acquired by Patten Group Inc.

Patten Group Inc. lifted its position in shares of Newmont Corporation (NYSE:NEM) by 4.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 47,964 shares of the basic materials company’s stock after buying an additional 1,975 shares during the quarter. Patten Group Inc.’s holdings in Newmont were worth $2,794,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Concord Wealth Partners raised its stake in Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. Evermay Wealth Management LLC raised its stake in Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 400 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Newmont in the 1st quarter valued at about $26,000. Colonial Trust Advisors raised its stake in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Finally, Financial Management Professionals Inc. raised its stake in Newmont by 274.1% in the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 444 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on NEM shares. Raymond James Financial set a $96.00 price target on Newmont in a report on Friday, October 10th. UBS Group lifted their price target on Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a report on Thursday, October 16th. Citigroup lifted 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 cut Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Finally, Stifel Nicolaus started coverage on Newmont in a report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price target for the company. Four analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.59.

Newmont Stock Down 9.1%

Shares of NYSE:NEM opened at $86.26 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58. The stock has a market capitalization of $94.75 billion, a P/E ratio of 15.49, a PEG ratio of 0.65 and a beta of 0.34. The stock has a 50-day simple moving average of $80.11 and a 200-day simple moving average of $64.69.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the business earned $0.72 EPS. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. Equities analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Thursday, September 4th were given a dividend of $0.25 per share. 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 payout ratio is 17.95%.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director directly owned 36,869 shares of the company’s stock, valued at approximately $3,133,496.31. The trade was a 5.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,249 shares of company stock valued at $1,132,065. Corporate insiders own 0.05% of the company’s stock.

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.