Sound Shore Management Inc. CT Invests $6.99 Million in Newmont Co. (NYSE:NEM)

Sound Shore Management Inc. CT bought a new position in Newmont Co. (NYSE:NEM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 167,030 shares of the basic materials company’s stock, valued at approximately $6,994,000.

A number of other institutional investors have also recently made changes to their positions in the company. Pekin Hardy Strauss Inc. raised its holdings in Newmont by 0.4% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after acquiring an additional 233 shares in the last quarter. KCM Investment Advisors LLC raised its holdings in Newmont by 2.3% during the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock worth $453,000 after purchasing an additional 244 shares during the last quarter. Meeder Advisory Services Inc. boosted its stake in shares of Newmont by 3.8% in the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 278 shares during the last quarter. Moody National Bank Trust Division raised its stake in shares of Newmont by 1.7% during the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after buying an additional 296 shares during the last quarter. Finally, Crestmont Private Wealth LLC lifted its holdings in Newmont by 4.9% in the first quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock valued at $246,000 after buying an additional 319 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NEM. BMO Capital Markets lifted their price target on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Bank of America upped their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. Finally, UBS Group raised their price target on Newmont from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.62.

Newmont Price Performance

Shares of NYSE:NEM opened at $54.47 on Friday. The firm has a market capitalization of $62.81 billion, a price-to-earnings ratio of -20.40, a PEG ratio of 0.37 and a beta of 0.49. The stock’s 50 day moving average is $50.10 and its 200-day moving average is $43.47. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $54.93.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued 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 1.84%. Newmont’s dividend payout ratio is -37.45%.

Newmont Profile

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.