Envestnet Portfolio Solutions Inc. Raises Position in Newmont Corporation $NEM

Envestnet Portfolio Solutions Inc. raised its stake in Newmont Corporation (NYSE:NEM) by 162.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,972 shares of the basic materials company’s stock after purchasing an additional 14,218 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Newmont were worth $1,338,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Cloud Capital Management LLC bought a new position in shares of Newmont in the first quarter valued at approximately $26,000. Colonial Trust Advisors grew its holdings in shares of Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 429 shares in the last quarter. Concord Wealth Partners grew its holdings in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 385 shares in the last quarter. Private Trust Co. NA grew its holdings 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 acquiring an additional 347 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new position in shares of Newmont in the first quarter valued at approximately $32,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NYSE NEM opened at $90.76 on Friday. The firm has a market cap of $99.69 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 0.99 and a beta of 0.34. The stock has a fifty day simple moving average of $79.24 and a two-hundred day simple moving average of $64.08. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $98.58. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.72 earnings per share. Analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

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 was Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. Newmont’s dividend payout ratio is currently 17.95%.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the sale, the director owned 36,869 shares in the company, valued at $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their position. 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. Corporate insiders own 0.05% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NEM shares. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Citigroup increased their price objective on Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday. Bank of America increased their price objective on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday. BNP Paribas Exane increased their price objective on Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a report on Monday, September 15th. Finally, Weiss Ratings lowered Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average target price of $87.59.

Newmont Company 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.