CX Institutional Acquires Shares of 5,125 Newmont Co. (NYSE:NEM)

CX Institutional bought a new position in shares of Newmont Co. (NYSE:NEM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,125 shares of the basic materials company’s stock, valued at approximately $215,000.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Newmont by 43.8% during the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after buying an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Newmont by 57.2% in the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after purchasing an additional 18,664,614 shares in the last quarter. Norges Bank bought a new position in shares of Newmont during the fourth quarter worth about $604,516,000. Charles Schwab Investment Management Inc. grew its stake in Newmont by 44.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after purchasing an additional 7,635,657 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of research reports. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank increased their price objective on shares of Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 23rd. Jefferies Financial Group raised their target price on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Finally, Sanford C. Bernstein cut their price target on Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.00.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is owned by corporate insiders.

Newmont Price Performance

Shares of NYSE NEM traded up $0.01 during trading on Friday, hitting $47.72. The company had a trading volume of 1,841,694 shares, compared to its average volume of 11,103,702. The company has a market cap of $55.03 billion, a P/E ratio of -17.87, a PEG ratio of 0.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The business’s 50-day moving average is $44.37 and its 200 day moving average is $39.48. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $50.72.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the business earned $0.33 EPS. The company’s revenue was up 64.1% on a year-over-year basis. Equities research analysts predict that Newmont Co. will post 2.76 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

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.