Oppenheimer & Close LLC Buys 5,000 Shares of Newmont Corporation (NYSE:NEM)

Oppenheimer & Close LLC raised its stake in Newmont Corporation (NYSE:NEM) by 8.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,405 shares of the basic materials company’s stock after buying an additional 5,000 shares during the period. Newmont comprises about 2.7% of Oppenheimer & Close LLC’s portfolio, making the stock its 13th biggest position. Oppenheimer & Close LLC’s holdings in Newmont were worth $3,254,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. Geode Capital Management LLC boosted its position in shares of Newmont by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock valued at $919,484,000 after purchasing an additional 1,213,397 shares in the last quarter. Norges Bank bought a new stake in shares of Newmont during the 4th quarter valued at about $626,074,000. Bank of New York Mellon Corp boosted its position in shares of Newmont by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock valued at $773,159,000 after purchasing an additional 1,306,783 shares in the last quarter. Northern Trust Corp boosted its position in shares of Newmont by 11.5% during the 4th quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company’s stock valued at $474,263,000 after purchasing an additional 1,309,177 shares in the last quarter. Finally, Amundi boosted its holdings in Newmont by 14.0% in the fourth quarter. Amundi now owns 12,302,579 shares of the basic materials company’s stock worth $481,400,000 after acquiring an additional 1,507,708 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the topic of several recent research reports. Scotiabank reiterated a “sector perform” rating on shares of Newmont in a report on Monday, April 14th. Royal Bank Of Canada increased their price target on Newmont from $52.00 to $66.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. UBS Group increased their price target on Newmont from $60.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday. National Bankshares restated a “sector perform” rating on shares of Newmont in a report on Tuesday, June 24th. Finally, Wall Street Zen upgraded Newmont from a “hold” rating to a “buy” rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

Newmont Stock Performance

Shares of NEM opened at $59.86 on Friday. The firm has a market cap of $66.62 billion, a PE ratio of 13.42, a PEG ratio of 0.79 and a beta of 0.33. The stock’s fifty day moving average price is $54.67 and its two-hundred day moving average price is $48.25. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.98 and a quick ratio of 1.70. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $60.31.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.54. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. Newmont had a return on equity of 15.75% and a net margin of 25.77%. During the same period in the previous year, the company posted $0.55 earnings per share. On average, equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.67%. Newmont’s payout ratio is 22.42%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $176,250.00. Following the transaction, the executive vice president directly owned 74,526 shares in the company, valued at $4,378,402.50. This represents a 3.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the transaction, the director owned 43,103 shares in the company, valued at $2,532,301.25. This represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,231 shares of company stock worth $679,813. 0.05% of the stock is currently owned by corporate insiders.

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.