Gabelli Funds LLC Boosts Position in Newmont Mining Corporation (NEM)

Gabelli Funds LLC raised its stake in shares of Newmont Mining Corporation (NYSE:NEM) by 0.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,634,171 shares of the basic materials company’s stock after buying an additional 11,000 shares during the period. Gabelli Funds LLC owned approximately 0.49% of Newmont Mining Corporation worth $85,321,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Shell Asset Management Co. raised its stake in Newmont Mining Corporation by 9.3% in the first quarter. Shell Asset Management Co. now owns 231,660 shares of the basic materials company’s stock valued at $7,636,000 after buying an additional 19,660 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new stake in Newmont Mining Corporation during the first quarter valued at approximately $210,000. First Manhattan Co. raised its stake in Newmont Mining Corporation by 2.0% in the first quarter. First Manhattan Co. now owns 153,072 shares of the basic materials company’s stock valued at $6,014,000 after buying an additional 3,000 shares during the last quarter. Personal Capital Advisors Corp acquired a new stake in Newmont Mining Corporation during the first quarter valued at approximately $408,000. Finally, Mn Services Vermogensbeheer B.V. raised its stake in Newmont Mining Corporation by 4.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 14,155 shares of the basic materials company’s stock valued at $436,000 after buying an additional 556 shares during the last quarter. 82.18% of the stock is owned by hedge funds and other institutional investors.

Newmont Mining Corporation (NYSE NEM) opened at 36.13 on Thursday. The firm has a 50-day moving average price of $34.69 and a 200 day moving average price of $34.34. Newmont Mining Corporation has a 1-year low of $30.19 and a 1-year high of $44.70. The company’s market capitalization is $19.27 billion.

Newmont Mining Corporation (NYSE:NEM) last issued its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.20. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.77 billion. Newmont Mining Corporation had a positive return on equity of 6.67% and a negative net margin of 6.73%. The business’s revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. On average, equities analysts predict that Newmont Mining Corporation will post $1.34 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, September 14th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, September 13th. This represents a $0.30 dividend on an annualized basis and a yield of 0.83%. This is a positive change from Newmont Mining Corporation’s previous quarterly dividend of $0.05. Newmont Mining Corporation’s payout ratio is -22.22%.

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Several equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research report on Monday, July 31st. Argus raised shares of Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Thursday, July 27th. BidaskClub raised shares of Newmont Mining Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Scotiabank upped their price target on shares of Newmont Mining Corporation from $43.50 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, July 26th. Finally, TD Securities increased their target price on shares of Newmont Mining Corporation from $36.00 to $50.00 and gave the stock a “hold” rating in a report on Wednesday, July 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $41.78.

In other Newmont Mining Corporation news, insider Gary J. Goldberg sold 1,000 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $31.80, for a total transaction of $31,800.00. Following the transaction, the insider now owns 334,730 shares of the company’s stock, valued at $10,644,414. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott P. Lawson sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $32.79, for a total value of $163,950.00. Following the transaction, the executive vice president now directly owns 56,696 shares in the company, valued at approximately $1,859,061.84. The disclosure for this sale can be found here. Insiders have sold 22,907 shares of company stock worth $803,461 in the last three months. 0.32% of the stock is currently owned by corporate insiders.

About Newmont Mining Corporation

Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.

Institutional Ownership by Quarter for Newmont Mining Corporation (NYSE:NEM)

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