New England Asset Management Inc. Invests $1.35 Million in Newmont Goldcorp Corp (NYSE:NEM)

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New England Asset Management Inc. acquired a new position in shares of Newmont Goldcorp Corp (NYSE:NEM) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 35,002 shares of the basic materials company’s stock, valued at approximately $1,347,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of NEM. Janney Montgomery Scott LLC lifted its stake in Newmont Goldcorp by 28.4% in the first quarter. Janney Montgomery Scott LLC now owns 14,895 shares of the basic materials company’s stock worth $533,000 after purchasing an additional 3,291 shares during the last quarter. Stephens Inc. AR bought a new stake in Newmont Goldcorp in the first quarter worth $206,000. First Mercantile Trust Co. lifted its stake in Newmont Goldcorp by 150.4% in the first quarter. First Mercantile Trust Co. now owns 2,003 shares of the basic materials company’s stock worth $72,000 after purchasing an additional 1,203 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Newmont Goldcorp by 61.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 62,405 shares of the basic materials company’s stock worth $2,232,000 after purchasing an additional 23,839 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Newmont Goldcorp by 75.0% in the first quarter. Raymond James & Associates now owns 189,547 shares of the basic materials company’s stock worth $6,780,000 after purchasing an additional 81,245 shares during the last quarter. 80.32% of the stock is owned by institutional investors.

In related news, EVP William N. Macgowan sold 3,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.63, for a total transaction of $112,890.00. Following the transaction, the executive vice president now owns 206,351 shares in the company, valued at $7,764,988.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Kitlen sold 750 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.63, for a total transaction of $28,972.50. Following the transaction, the vice president now owns 43,423 shares in the company, valued at approximately $1,677,430.49. The disclosure for this sale can be found here. Insiders sold 87,360 shares of company stock worth $3,358,609 in the last 90 days. Corporate insiders own 0.44% of the company’s stock.

Shares of NEM stock traded up $0.45 during mid-day trading on Friday, reaching $39.84. The stock had a trading volume of 7,622,193 shares, compared to its average volume of 7,500,861. The stock’s 50-day moving average price is $38.92 and its two-hundred day moving average price is $35.90. Newmont Goldcorp Corp has a 52-week low of $29.06 and a 52-week high of $41.23. The firm has a market capitalization of $32.02 billion, a PE ratio of 29.51 and a beta of -0.03. The company has a current ratio of 1.83, a quick ratio of 1.38 and a debt-to-equity ratio of 0.30.

Newmont Goldcorp (NYSE:NEM) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.11). Newmont Goldcorp had a negative net margin of 1.03% and a positive return on equity of 4.79%. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the previous year, the firm posted $0.26 EPS. Newmont Goldcorp’s revenue was up 35.8% compared to the same quarter last year. On average, equities research analysts forecast that Newmont Goldcorp Corp will post 1.47 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Wednesday, September 11th. Newmont Goldcorp’s payout ratio is 41.48%.

NEM has been the subject of several recent research reports. BMO Capital Markets raised shares of Newmont Goldcorp from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $45.00 to $50.00 in a research note on Wednesday, September 11th. B. Riley boosted their price target on shares of Newmont Goldcorp from $35.10 to $45.40 and gave the stock a “neutral” rating in a research note on Monday, September 9th. Deutsche Bank set a $41.00 price target on shares of Newmont Goldcorp and gave the stock a “hold” rating in a research note on Thursday, July 11th. Macquarie initiated coverage on shares of Newmont Goldcorp in a research note on Thursday, September 12th. They issued a “neutral” rating for the company. Finally, Citigroup boosted their price target on shares of Newmont Goldcorp from $44.00 to $46.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $43.81.

About Newmont Goldcorp

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.

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Institutional Ownership by Quarter for Newmont Goldcorp (NYSE:NEM)

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