Inspire Advisors LLC Buys 13,688 Shares of Newmont Corporation $NEM

Inspire Advisors LLC raised its position in shares of Newmont Corporation (NYSE:NEM) by 95.0% during the second quarter, HoldingsChannel reports. The fund owned 28,104 shares of the basic materials company’s stock after acquiring an additional 13,688 shares during the quarter. Inspire Advisors LLC’s holdings in Newmont were worth $1,637,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Nuveen LLC bought a new position in Newmont during the 1st quarter valued at about $306,507,000. Pacer Advisors Inc. boosted its position in shares of 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 buying an additional 5,251,616 shares during the period. Boston Partners grew its stake in shares of Newmont by 4,081.8% during the second quarter. Boston Partners now owns 4,633,175 shares of the basic materials company’s stock valued at $271,982,000 after buying an additional 4,522,381 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Newmont by 1,502.5% in the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after buying an additional 4,399,778 shares during the period. Finally, LSV Asset Management bought a new stake in shares of Newmont during the 2nd quarter worth approximately $187,206,000. Institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $80.96, for a total transaction of $168,396.80. Following the completion of the sale, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This represents a 5.64% 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, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,237 shares of company stock worth $906,799 over the last 90 days. Company insiders own 0.05% of the company’s stock.

Newmont Stock Down 0.8%

Newmont stock opened at $87.06 on Tuesday. 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 cap of $95.00 billion, a P/E ratio of 13.52, a P/E/G ratio of 0.53 and a beta of 0.33. The business has a fifty day moving average of $84.81 and a two-hundred day moving average of $69.17. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $98.58.

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

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Newmont’s payout ratio is currently 15.53%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NEM. BNP Paribas lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. TD Securities increased their price objective on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Macquarie cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Finally, Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price target for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Five research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $88.99.

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.