ARS Investment Partners LLC Purchases 23,900 Shares of Newmont Corporation $NEM

ARS Investment Partners LLC raised its position in Newmont Corporation (NYSE:NEM) by 3.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 697,063 shares of the basic materials company’s stock after acquiring an additional 23,900 shares during the period. Newmont accounts for about 4.1% of ARS Investment Partners LLC’s portfolio, making the stock its 6th largest position. ARS Investment Partners LLC’s holdings in Newmont were worth $69,602,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of NEM. Brighton Jones LLC boosted its holdings in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares during the last quarter. Woodline Partners LP lifted its holdings in shares of Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after acquiring an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Newmont in the 2nd quarter worth approximately $240,000. Cerity Partners LLC lifted its holdings in shares of Newmont by 108.9% in the 2nd quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after acquiring an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Newmont by 8.5% in the 2nd quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after acquiring an additional 3,856 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Trading Down 6.4%

Shares of NYSE:NEM opened at $108.93 on Friday. Newmont Corporation has a 52 week low of $48.61 and a 52 week high of $134.88. The company’s 50 day moving average is $111.96 and its two-hundred day moving average is $107.04. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company has a market cap of $116.29 billion, a PE ratio of 14.13, a P/E/G ratio of 1.52 and a beta of 0.43.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same period in the prior year, the firm posted $1.25 EPS. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. Equities analysts predict that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be given a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s dividend payout ratio is currently 13.49%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NEM. Argus upped their price objective on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. BMO Capital Markets increased their target price on shares of Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. The Goldman Sachs Group increased their target price on shares of Newmont from $123.20 to $125.10 and gave the stock a “buy” rating in a report on Tuesday, April 28th. TD increased their price objective on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Finally, National Bank Financial increased their price objective on shares of Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $142.51.

Insider Activity

In related news, insider David James Fry sold 18,394 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the transaction, the insider directly owned 17,147 shares of the company’s stock, valued at $1,911,033.15. This trade represents a 51.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Wexler sold 13,378 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 43,068 shares of company stock valued at $4,769,475. 0.06% of the stock is currently owned by company insiders.

About Newmont

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.