AlphaQuest LLC Purchases 2,167 Shares of Newmont Corporation $NEM

AlphaQuest LLC raised its position in Newmont Corporation (NYSE:NEM) by 15.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 16,004 shares of the basic materials company’s stock after acquiring an additional 2,167 shares during the period. AlphaQuest LLC’s holdings in Newmont were worth $932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC raised its stake in shares of Newmont by 59.6% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after buying an additional 5,848 shares during the period. Generate Investment Management Ltd raised its stake in shares of Newmont by 25.9% during the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock valued at $22,079,000 after purchasing an additional 77,865 shares during the period. Bessemer Group Inc. raised its stake in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock valued at $569,000 after purchasing an additional 1,379 shares during the period. Cypress Capital Group raised its stake in shares of Newmont by 6.5% during the 2nd quarter. Cypress Capital Group now owns 48,549 shares of the basic materials company’s stock valued at $2,828,000 after purchasing an additional 2,959 shares during the period. Finally, Spire Wealth Management raised its stake in shares of Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 1,309 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NEM has been the topic of a number of analyst reports. UBS Group boosted their price objective on Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a research note on Thursday, October 16th. Macquarie lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Weiss Ratings upgraded Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday. Stifel Nicolaus initiated coverage on Newmont in a research note on Wednesday, July 9th. They set a “buy” rating and a $73.00 price objective on the stock. Finally, BNP Paribas Exane boosted their price objective on Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, September 15th. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $90.59.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the transaction, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares of the company’s stock, 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. In the last three months, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by corporate insiders.

Newmont Price Performance

Shares of NYSE NEM opened at $83.25 on Monday. The stock’s 50-day simple moving average is $81.17 and its two-hundred day simple moving average is $65.67. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $98.58. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $90.85 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.56 and a beta of 0.34.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the business earned $0.81 EPS. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio is presently 15.53%.

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.