Premier Path Wealth Partners LLC Raises Stock Holdings in Newmont Corporation $NEM

Premier Path Wealth Partners LLC increased its stake in shares of Newmont Corporation (NYSE:NEM) by 20.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,636 shares of the basic materials company’s stock after purchasing an additional 1,486 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in Newmont were worth $503,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in Newmont by 8.9% in the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock worth $773,159,000 after acquiring an additional 1,306,783 shares in the last quarter. Northern Trust Corp boosted its holdings in Newmont by 1.5% in the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock worth $624,458,000 after acquiring an additional 191,940 shares in the last quarter. Amundi grew its position in Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock worth $611,187,000 after purchasing an additional 343,535 shares during the last quarter. Invesco Ltd. grew its position in Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company’s stock worth $518,936,000 after purchasing an additional 228,116 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Newmont by 15.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock worth $423,572,000 after purchasing an additional 1,201,237 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Up 3.3%

Newmont stock opened at $82.32 on Friday. The firm has a market cap of $89.83 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 0.53 and a beta of 0.34. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $98.58. The business’s 50-day moving average price is $82.05 and its 200 day moving average price is $66.36. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.Newmont’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the company earned $0.81 earnings per share. As a group, sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is currently 15.53%.

Insider Buying and Selling at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the business’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the transaction, the director owned 36,869 shares of the company’s stock, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 11,172 shares of company stock valued at $808,863. Company insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NEM shares. TD Securities boosted their target price on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. BNP Paribas downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. CIBC set a $112.00 target price on shares of Newmont and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Finally, Wall Street Zen upgraded Newmont from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $86.92.

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.