Optimum Investment Advisors Sells 1,200 Shares of Newmont Corporation $NEM

Optimum Investment Advisors cut its holdings in Newmont Corporation (NYSE:NEM) by 27.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,200 shares of the basic materials company’s stock after selling 1,200 shares during the period. Optimum Investment Advisors’ holdings in Newmont were worth $186,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Concord Wealth Partners raised its holdings in shares of Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 385 shares during the period. Evermay Wealth Management LLC raised its holdings in shares of Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 400 shares during the period. Cloud Capital Management LLC bought a new stake in shares of Newmont in the 1st quarter worth approximately $26,000. Colonial Trust Advisors raised its holdings in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 429 shares during the period. Finally, Financial Management Professionals Inc. raised its holdings in shares of Newmont by 274.1% in the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 444 shares during the period. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 6.4%

Shares of NEM stock opened at $83.25 on Friday. The company’s fifty day simple moving average is $81.17 and its two-hundred day simple moving average is $65.56. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. 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 $91.45 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.57 and a beta of 0.34.

Newmont (NYSE:NEM) last released its quarterly 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. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.69%. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. As a group, analysts anticipate 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 given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NEM shares. Weiss Ratings raised shares of Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday. Raymond James Financial set a $99.00 price target on shares of Newmont and gave the stock an “outperform” rating in a report on Friday. UBS Group boosted their target price on shares of Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a report on Thursday, October 16th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $71.50 to $114.00 in a report on Thursday. Finally, Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Newmont currently has a consensus rating of “Buy” and an average price target of $90.59.

Newmont 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.