Ballentine Partners LLC Raises Holdings in Newmont Corporation $NEM

Ballentine Partners LLC boosted its stake in Newmont Corporation (NYSE:NEM) by 17.5% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,088 shares of the basic materials company’s stock after buying an additional 2,544 shares during the quarter. Ballentine Partners LLC’s holdings in Newmont were worth $996,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. SOA Wealth Advisors LLC. boosted its stake in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Newmont during the 1st quarter worth about $26,000. Colonial Trust Advisors grew its holdings in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after buying an additional 429 shares in the last quarter. Private Trust Co. NA raised its position in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after buying an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC acquired a new position in shares of Newmont in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on NEM. Stifel Nicolaus initiated coverage on shares of Newmont in a research note on Wednesday, July 9th. They issued a “buy” rating and a $73.00 target price for the company. CIBC raised their price objective on Newmont from $74.00 to $78.00 and gave the stock a “neutral” rating in a report on Friday, September 12th. UBS Group lifted their price objective on Newmont from $70.00 to $92.00 and gave the company a “buy” rating in a research report on Friday, September 19th. National Bankshares reiterated an “outperform” rating on shares of Newmont in a research report on Monday. Finally, National Bank Financial upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, July 25th. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $73.38.

Newmont Stock Performance

Shares of NYSE:NEM opened at $83.60 on Friday. The business has a 50-day moving average of $71.48 and a two-hundred day moving average of $59.44. The firm has a market capitalization of $91.83 billion, a PE ratio of 15.01, a P/E/G ratio of 0.97 and a beta of 0.34. 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 12 month low of $36.86 and a 12 month high of $86.62.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.During the same quarter in the previous year, the business earned $0.72 EPS. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. As a group, research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Newmont’s dividend payout ratio is presently 17.95%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,246 shares of company stock valued at $1,253,559. Company insiders own 0.05% of the company’s stock.

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.