Diversify Advisory Services LLC Makes New Investment in Newmont Corporation $NEM

Diversify Advisory Services LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 26,537 shares of the basic materials company’s stock, valued at approximately $2,480,000.

A number of other hedge funds have also modified their holdings of NEM. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont during the first quarter worth about $25,000. Cedar Mountain Advisors LLC purchased a new stake in Newmont in the first quarter valued at approximately $25,000. Clearstead Trust LLC acquired a new position in Newmont in the 2nd quarter worth approximately $25,000. Swiss RE Ltd. acquired a new position in Newmont in the 4th quarter worth approximately $26,000. Finally, Cornerstone Planning Group LLC raised its position in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. BMO Capital Markets decreased their price objective on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. Citigroup cut their price objective on shares of Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. National Bank Financial decreased their target price on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Weiss Ratings downgraded shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Finally, Scotiabank upped their price target on shares of Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.59.

Insiders Place Their Bets

In other news, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the transaction, the executive vice president owned 40,315 shares of the company’s stock, valued at approximately $3,767,436.75. This represents a 6.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 32,091 shares of company stock worth $3,292,513. Company insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NYSE NEM opened at $115.99 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The stock has a market capitalization of $122.22 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.31 and a beta of 0.47. The firm’s 50 day simple moving average is $99.71 and its 200-day simple moving average is $108.70. Newmont Corporation has a 12 month low of $67.20 and a 12 month high of $134.88.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same period in the previous year, the business posted $1.43 EPS. Analysts expect that Newmont Corporation will post 9 EPS for the current year.

Newmont Announces Dividend

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

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.