ProShare Advisors LLC Boosts Stake in Newmont Co. (NYSE:NEM)

ProShare Advisors LLC raised its holdings in shares of Newmont Co. (NYSE:NEM) by 8.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 191,204 shares of the basic materials company’s stock after buying an additional 14,352 shares during the quarter. ProShare Advisors LLC’s holdings in Newmont were worth $8,006,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NEM. American International Group Inc. lifted its stake in Newmont by 24.8% during the fourth 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 during the last quarter. Premier Fund Managers Ltd bought a new stake in Newmont during the fourth quarter worth about $1,276,000. Virtu Financial LLC bought a new stake in Newmont during the fourth quarter worth about $3,313,000. Oppenheimer & Co. Inc. lifted its stake in Newmont by 26.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 184,604 shares of the basic materials company’s stock worth $7,641,000 after purchasing an additional 39,053 shares during the last quarter. Finally, GLOBALT Investments LLC GA bought a new stake in Newmont during the fourth quarter worth about $2,570,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

Newmont stock opened at $55.85 on Wednesday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $64.40 billion, a P/E ratio of -20.92, a PEG ratio of 0.37 and a beta of 0.49. The stock’s 50 day moving average is $50.40 and its 200 day moving average is $43.91. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $56.09.

Newmont (NYSE:NEM) last released its quarterly earnings data 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. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s quarterly revenue was up 64.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. On average, equities research analysts predict that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.79%. Newmont’s dividend payout ratio (DPR) is -37.45%.

Analyst Ratings Changes

Several equities research analysts have issued reports on NEM shares. Argus raised 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. Jefferies Financial Group boosted their target price on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, July 12th. BMO Capital Markets boosted their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Bank of America boosted their target price on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Finally, JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Five 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.62.

Insiders Place Their Bets

In other Newmont 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 transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Newmont 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 transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock valued at $2,744,700 over the last ninety days. 0.06% of the stock is owned by insiders.

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.