Envestnet Asset Management Inc. Has $22.79 Million Stock Position in Newmont Co. (NYSE:NEM)

Envestnet Asset Management Inc. lifted its stake in Newmont Co. (NYSE:NEM) by 129.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 544,178 shares of the basic materials company’s stock after acquiring an additional 307,212 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Newmont were worth $22,785,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of NEM. LRI Investments LLC acquired a new stake in shares of Newmont in the first quarter valued at about $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont in the second quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont in the second quarter valued at about $27,000. Heritage Wealth Advisors increased its position in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new stake in shares of Newmont in the first quarter valued at about $35,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont 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 directly owns 311,469 shares in the company, valued at $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 directly owns 94,596 shares in the company, valued at $4,963,452.12. The transaction was disclosed in a document filed with the SEC, 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 transaction of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,000 shares of company stock worth $2,744,700. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of recent research reports. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. UBS Group lifted their price target on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a report on Friday, June 21st. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the stock from $48.00 to $59.00 in a report on Monday, August 19th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.62.

Newmont Trading Up 1.8 %

Shares of NYSE:NEM opened at $54.47 on Monday. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $54.93. The stock has a market cap of $62.81 billion, a PE ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. The business has a 50 day moving average of $50.10 and a 200-day moving average of $43.61. 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 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 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 posted $0.33 earnings per share. The business’s revenue was up 64.1% on a year-over-year basis. As a group, equities research analysts forecast that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 payout ratio is -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.