Tobam Buys 29,031 Shares of Newmont Corporation $NEM

Tobam raised its stake in Newmont Corporation (NYSE:NEM) by 70.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 70,115 shares of the basic materials company’s stock after buying an additional 29,031 shares during the period. Newmont makes up about 1.6% of Tobam’s investment portfolio, making the stock its 25th biggest position. Tobam’s holdings in Newmont were worth $4,085,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NEM. Hemington Wealth Management boosted its holdings in shares of Newmont by 17.6% in the second quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company’s stock valued at $66,000 after purchasing an additional 170 shares during the period. IVC Wealth Advisors LLC grew its position in shares of Newmont by 1.3% during the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company’s stock worth $813,000 after buying an additional 173 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Newmont by 11.9% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after buying an additional 185 shares during the period. Aaron Wealth Advisors LLC raised its holdings in shares of Newmont by 4.4% in the second quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company’s stock valued at $260,000 after acquiring an additional 190 shares in the last quarter. Finally, Chelsea Counsel Co. lifted its stake in Newmont by 1.0% in the second quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company’s stock worth $1,067,000 after acquiring an additional 190 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Up 1.9%

Newmont stock opened at $89.94 on Wednesday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. 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 firm has a 50 day moving average price of $83.70 and a 200 day moving average price of $68.14. The company has a market capitalization of $98.15 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33.

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

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director owned 34,789 shares in the company, valued at $2,816,517.44. This trade represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 11,237 shares of company stock valued at $906,799. 0.05% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Raymond James Financial set a $99.00 price objective on shares of Newmont and gave the company an “outperform” rating in a research note on Friday, October 24th. Macquarie lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Bank of America lifted their price objective on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Royal Bank Of Canada boosted their price objective on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Finally, CIBC set a $112.00 target price on Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.99.

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.