Occidental Asset Management LLC Acquires New Shares in Newmont Corporation $NEM

Occidental Asset Management LLC bought a new stake in Newmont Corporation (NYSE:NEM) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 25,895 shares of the basic materials company’s stock, valued at approximately $2,419,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NEM. Pallas Capital Advisors LLC purchased a new position in Newmont during the 2nd quarter valued at about $1,149,000. Deutsche Bank AG acquired a new position in shares of Newmont in the second quarter worth $911,180,000. Perigon Wealth Management LLC acquired a new stake in shares of Newmont during the second quarter valued at $3,568,000. Commerzbank Aktiengesellschaft FI purchased a new stake in Newmont during the 2nd quarter worth about $7,737,000. Finally, Trust Co. of Vermont acquired a new position in Newmont in the 2nd quarter valued at about $219,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total value of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares in the company, valued at $14,064,440. The trade was a 5.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the transaction, the executive vice president directly owned 40,315 shares of the company’s stock, valued at approximately $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 32,091 shares of company stock worth $3,292,513. 0.06% of the stock is currently owned by company insiders.

Newmont Stock Up 2.2%

Shares of Newmont stock opened at $120.35 on Tuesday. The company has a fifty day moving average price of $99.36 and a 200 day moving average price of $108.81. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. Newmont Corporation has a twelve month low of $67.20 and a twelve month high of $134.88. The stock has a market cap of $126.81 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same quarter in the prior year, the business earned $1.43 earnings per share. Equities research analysts forecast that Newmont Corporation will post 9 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s payout ratio is presently 13.13%.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of analyst reports. Weiss Ratings lowered shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Raymond James Financial cut their price target on shares of Newmont from $139.00 to $137.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 30th. Finally, Barclays lowered their price objective on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.59.

Newmont Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.