Brave Asset Management Inc. Acquires 4,300 Shares of Newmont Corporation $NEM

Brave Asset Management Inc. grew its stake in Newmont Corporation (NYSE:NEM) by 76.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,900 shares of the basic materials company’s stock after buying an additional 4,300 shares during the quarter. Brave Asset Management Inc.’s holdings in Newmont were worth $577,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its position in Newmont by 11.9% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 185 shares in the last quarter. Aaron Wealth Advisors LLC raised its stake in Newmont by 4.4% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company’s stock valued at $260,000 after acquiring an additional 190 shares during the period. Hemington Wealth Management lifted its stake in shares of Newmont by 25.2% during the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company’s stock worth $46,000 after buying an additional 194 shares during the last quarter. Ipswich Investment Management Co. Inc. lifted its position in Newmont by 1.4% during the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company’s stock worth $689,000 after acquiring an additional 200 shares during the last quarter. Finally, SOA Wealth Advisors LLC. boosted its stake in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 201 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Wall Street Zen upgraded Newmont from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Raymond James Financial upped their price target on shares of Newmont from $77.00 to $84.00 and gave the stock an “outperform” rating in a report on Tuesday. UBS Group raised their price objective on shares of Newmont from $70.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 19th. Finally, BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $73.38.

Newmont Price Performance

Newmont stock opened at $83.60 on Friday. The stock’s 50 day moving average price is $71.48 and its two-hundred day moving average price is $59.44. The stock has a market capitalization of $91.83 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 0.97 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $86.62.

Newmont (NYSE:NEM) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.72 EPS. On average, equities analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business 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 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 of this dividend is Thursday, September 4th. Newmont’s dividend payout ratio is 17.95%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares in the company, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock worth $1,253,559 in the last three months. Company insiders own 0.05% of the company’s stock.

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.