Waters Parkerson & CO. LLC Purchases New Position in Newmont Co. (NYSE:NEM)

Waters Parkerson & CO. LLC acquired a new position in shares of Newmont Co. (NYSE:NEM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,100 shares of the basic materials company’s stock, valued at approximately $255,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. American International Group Inc. grew its position in Newmont by 24.8% in the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after purchasing an additional 58,217 shares in the last quarter. Premier Fund Managers Ltd purchased a new stake in shares of Newmont during the fourth quarter valued at approximately $1,276,000. Nations Financial Group Inc. IA ADV bought a new stake in Newmont during the fourth quarter worth $1,167,000. Virtu Financial LLC purchased a new position in Newmont in the fourth quarter worth $3,313,000. Finally, Oppenheimer & Co. Inc. grew its stake in Newmont by 26.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 184,604 shares of the basic materials company’s stock valued at $7,641,000 after purchasing an additional 39,053 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NEM. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price target for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $48.00 to $59.00 in a research note on Monday, August 19th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, UBS Group raised their target price on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.62.

Newmont Stock Up 1.8 %

NEM stock opened at $54.47 on Friday. The stock has a 50-day simple moving average of $50.10 and a two-hundred day simple moving average of $43.47. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $54.93. The firm has a market capitalization of $62.81 billion, a PE ratio of -20.40, a PEG ratio of 0.37 and a beta of 0.49. 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 (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 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 during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the previous year, the company earned $0.33 earnings per share. Newmont’s revenue for the quarter was up 64.1% on a year-over-year basis. On average, equities analysts predict that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be given a $0.25 dividend. 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 (DPR) is presently -37.45%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’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 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 legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont 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 sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock worth $2,744,700 over the last ninety days. 0.06% of the stock is owned by corporate insiders.

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.