14,650 Shares in Newmont Corporation $NEM Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new position in shares of Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 14,650 shares of the basic materials company’s stock, valued at approximately $854,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in Newmont by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock worth $773,159,000 after buying an additional 1,306,783 shares in the last quarter. Northern Trust Corp boosted its holdings in Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock worth $624,458,000 after buying an additional 191,940 shares in the last quarter. Amundi boosted its stake in Newmont by 2.8% in the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock worth $611,187,000 after purchasing an additional 343,535 shares during the period. Invesco Ltd. boosted its stake in Newmont by 2.2% in the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company’s stock worth $518,936,000 after purchasing an additional 228,116 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Newmont by 15.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock worth $423,572,000 after purchasing an additional 1,201,237 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NEM shares. UBS Group raised their price objective on shares of Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Bank of America raised their price objective on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Royal Bank Of Canada raised their price objective on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday. CIBC set a $112.00 price objective on shares of Newmont and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Finally, Macquarie lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $86.92.

Newmont Stock Down 6.0%

NEM stock opened at $78.38 on Tuesday. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market cap of $86.09 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 0.56 and a beta of 0.34. The company has a 50 day moving average of $81.35 and a two-hundred day moving average of $65.88.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. On average, equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Newmont’s dividend payout ratio (DPR) is currently 15.53%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director owned 36,869 shares in the company, valued at $3,133,496.31. This represents a 5.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is owned by corporate insiders.

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.