Marvin & Palmer Associates Inc. Purchases New Stake in Newmont Corporation $NEM

Marvin & Palmer Associates Inc. acquired a new position in Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 28,090 shares of the basic materials company’s stock, valued at approximately $587,000. Newmont makes up 0.4% of Marvin & Palmer Associates Inc.’s portfolio, making the stock its 24th largest position.

A number of other institutional investors have also recently bought and sold shares of NEM. Cedar Mountain Advisors LLC acquired a new position in shares of Newmont in the 1st quarter valued at about $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont during the first quarter worth approximately $25,000. Swiss RE Ltd. acquired a new stake in shares of Newmont during the fourth quarter worth approximately $26,000. Clearstead Trust LLC purchased a new position in Newmont during the second quarter valued at approximately $25,000. Finally, Cornerstone Planning Group LLC increased its stake in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after buying an additional 206 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings lowered Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Canaccord Genuity Group reduced their price objective on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Finally, BNP Paribas Exane dropped their target price on Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $132.73.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $93.45, for a total transaction of $280,350.00. Following the transaction, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 in the last ninety days. 0.06% of the stock is currently owned by insiders.

Newmont Stock Down 3.4%

Shares of NEM stock opened at $127.84 on Friday. The stock’s 50 day simple moving average is $104.23 and its 200 day simple moving average is $109.57. Newmont Corporation has a twelve month low of $72.78 and a twelve month high of $135.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The company has a market capitalization of $134.70 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.32 and a beta of 0.47.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter last year, the company posted $1.43 earnings per share. As a group, research analysts predict that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is currently 13.13%.

Newmont Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long?lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.