Moran Wealth Management LLC Has $1.50 Million Position in Newmont Corporation $NEM

Moran Wealth Management LLC lessened its holdings in Newmont Corporation (NYSE:NEM) by 2.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 25,754 shares of the basic materials company’s stock after selling 540 shares during the quarter. Moran Wealth Management LLC’s holdings in Newmont were worth $1,500,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Nuveen LLC acquired a new position in shares of Newmont in the 1st quarter valued at about $306,507,000. Pacer Advisors Inc. grew its position in Newmont by 4,203.5% during the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock valued at $259,580,000 after purchasing an additional 5,251,616 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Newmont by 1,502.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock valued at $273,391,000 after buying an additional 4,399,778 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in Newmont by 1,074.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock valued at $116,416,000 after buying an additional 2,206,017 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in Newmont by 2,003.7% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after buying an additional 1,506,010 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares of the company’s stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,249 shares of company stock worth $1,132,065 over the last 90 days. Insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several research analyst reports. TD Securities boosted their price target on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. CIBC set a $112.00 price objective on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. BNP Paribas Exane boosted their target price on Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, September 15th. BNP Paribas lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. Finally, Royal Bank Of Canada raised Newmont from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $66.00 to $95.00 in a research note on Wednesday, September 10th. Four analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $84.66.

Newmont Trading Up 3.3%

Newmont stock opened at $93.49 on Thursday. Newmont Corporation has a one year low of $36.86 and a one year high of $93.93. The company’s fifty day moving average price is $78.22 and its two-hundred day moving average price is $63.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The company has a market capitalization of $102.70 billion, a price-to-earnings ratio of 16.78, a PEG ratio of 0.99 and a beta of 0.34.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.48. The company 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%.The business’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 earnings per share. On average, analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Newmont’s dividend payout ratio is presently 17.95%.

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.