Cambridge Investment Research Advisors Inc. Increases Stock Holdings in Newmont Co. (NYSE:NEM)

Cambridge Investment Research Advisors Inc. raised its stake in Newmont Co. (NYSE:NEM) by 2.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 171,314 shares of the basic materials company’s stock after acquiring an additional 3,510 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Newmont were worth $7,173,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Newmont by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after purchasing an additional 16,190,422 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after buying an additional 7,635,657 shares during the period. First Eagle Investment Management LLC lifted its holdings in shares of Newmont by 29.9% in the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after buying an additional 5,475,155 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares during the period. Finally, Norges Bank acquired a new stake in shares of Newmont in the 4th quarter valued at approximately $604,516,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NEM. Jefferies Financial Group raised their price target on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price objective for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the stock from $48.00 to $59.00 in a report on Monday, August 19th. National Bank Financial cut Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. Finally, Sanford C. Bernstein reduced their price objective on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a report on Thursday, May 16th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $50.92.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.06% of the stock is owned by company insiders.

Newmont Trading Down 1.4 %

Shares of NYSE:NEM traded down $0.73 during midday trading on Wednesday, reaching $51.97. The company’s stock had a trading volume of 652,714 shares, compared to its average volume of 10,666,014. The firm has a market cap of $59.93 billion, a price-to-earnings ratio of -19.74, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $52.77. The business has a 50 day moving average price of $46.58 and a 200 day moving average price of $40.90.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the previous year, the business earned $0.33 earnings per share. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. Research analysts forecast that Newmont Co. will post 2.76 EPS for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

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.