Lake Street Financial LLC Invests $819,000 in Newmont Co. (NYSE:NEM)

Lake Street Financial LLC purchased a new position in Newmont Co. (NYSE:NEMGet Rating) during the first quarter, HoldingsChannel.com reports. The fund purchased 10,313 shares of the basic materials company’s stock, valued at approximately $819,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NEM. Cerity Partners LLC raised its stake in Newmont by 229.4% in the first quarter. Cerity Partners LLC now owns 16,087 shares of the basic materials company’s stock valued at $1,028,000 after purchasing an additional 11,204 shares in the last quarter. Quadrant Capital Group LLC raised its stake in Newmont by 13.4% in the first quarter. Quadrant Capital Group LLC now owns 4,540 shares of the basic materials company’s stock valued at $361,000 after purchasing an additional 536 shares in the last quarter. Vident Investment Advisory LLC raised its stake in Newmont by 11.9% in the fourth quarter. Vident Investment Advisory LLC now owns 66,689 shares of the basic materials company’s stock valued at $4,136,000 after purchasing an additional 7,073 shares in the last quarter. Comerica Bank raised its stake in Newmont by 1.7% in the first quarter. Comerica Bank now owns 132,896 shares of the basic materials company’s stock valued at $10,976,000 after purchasing an additional 2,208 shares in the last quarter. Finally, AlphaCrest Capital Management LLC raised its stake in Newmont by 353.3% in the fourth quarter. AlphaCrest Capital Management LLC now owns 18,204 shares of the basic materials company’s stock valued at $1,129,000 after purchasing an additional 14,188 shares in the last quarter. 78.41% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

NYSE:NEM opened at $44.77 on Friday. The stock has a market cap of $35.53 billion, a P/E ratio of 45.22 and a beta of 0.26. The firm’s fifty day simple moving average is $58.51 and its 200 day simple moving average is $66.91. Newmont Co. has a twelve month low of $43.90 and a twelve month high of $86.37. The company has a quick ratio of 2.44, a current ratio of 2.82 and a debt-to-equity ratio of 0.28.

Newmont (NYSE:NEMGet Rating) last released its quarterly earnings results on Monday, July 25th. The basic materials company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.24). The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.04 billion. Newmont had a net margin of 6.40% and a return on equity of 9.13%. The business’s revenue was down .2% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. As a group, research analysts predict that Newmont Co. will post 2.61 EPS for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend is Wednesday, September 7th. Newmont’s dividend payout ratio is currently 222.22%.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of recent research reports. National Bank Financial upgraded shares of Newmont from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, July 27th. TD Securities reduced their price target on shares of Newmont from $64.00 to $52.00 and set a “hold” rating on the stock in a research report on Tuesday, July 26th. National Bankshares reduced their price target on shares of Newmont from $119.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 26th. Fundamental Research reiterated a “buy” rating and set a $79.52 price target on shares of Newmont in a research report on Tuesday, May 10th. Finally, Canaccord Genuity Group upgraded shares of Newmont from a “hold” rating to a “buy” rating and cut their target price for the stock from $66.00 to $60.00 in a report on Wednesday, July 27th. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $70.37.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $67.64, for a total transaction of $744,040.00. Following the completion of the transaction, the chief executive officer now owns 276,949 shares of the company’s stock, valued at $18,732,830.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $67.64, for a total transaction of $744,040.00. Following the completion of the transaction, the chief executive officer now owns 276,949 shares of the company’s stock, valued at $18,732,830.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $45.35, for a total value of $136,050.00. Following the transaction, the chief operating officer now directly owns 48,947 shares of the company’s stock, valued at approximately $2,219,746.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,000 shares of company stock valued at $3,295,400. 0.11% of the stock is currently owned by company insiders.

Newmont Company Profile

(Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

Featured Articles

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Co. (NYSE:NEMGet Rating).

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

Receive News & Ratings for Newmont Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newmont and related companies with MarketBeat.com's FREE daily email newsletter.