Herr Investment Group LLC Takes Position in Newmont Co. (NYSE:NEM)

Herr Investment Group LLC acquired a new position in Newmont Co. (NYSE:NEM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 10,000 shares of the basic materials company’s stock, valued at approximately $419,000.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after buying an additional 16,190,422 shares during the period. Van ECK Associates Corp grew its holdings in Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after acquiring an additional 1,289,084 shares during the period. Bank of New York Mellon Corp raised its position in shares of Newmont by 39.8% during the 1st 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 acquiring an additional 6,617,145 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Newmont by 25.9% in the 4th quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock valued at $537,594,000 after purchasing an additional 2,671,774 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after purchasing an additional 545,903 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Up 0.9 %

NYSE NEM opened at $53.52 on Friday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $54.93. 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 stock’s 50 day moving average price is $49.97 and its two-hundred day moving average price is $43.33. The stock has a market capitalization of $61.72 billion, a price-to-earnings ratio of -20.04, a PEG ratio of 0.37 and a beta of 0.49.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 earnings per share. As a group, analysts anticipate that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.87%. Newmont’s dividend payout ratio is -37.45%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock worth $2,744,700 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NEM. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $48.00 to $59.00 in a report on Monday, August 19th. Jefferies Financial Group upped their price target on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, August 29th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Finally, UBS Group increased their target price on shares of Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.62.

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.