Essex Investment Management Co. LLC Increases Stake in Newmont Co. (NYSE:NEM)

Essex Investment Management Co. LLC increased its position in shares of Newmont Co. (NYSE:NEM) by 2.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 162,366 shares of the basic materials company’s stock after purchasing an additional 3,169 shares during the quarter. Newmont accounts for about 1.2% of Essex Investment Management Co. LLC’s investment portfolio, making the stock its 8th largest holding. Essex Investment Management Co. LLC’s holdings in Newmont were worth $10,291,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in NEM. Kentucky Retirement Systems acquired a new position in shares of Newmont during the second quarter worth approximately $2,957,000. CIBC World Markets Inc. raised its stake in shares of Newmont by 15.9% during the second quarter. CIBC World Markets Inc. now owns 447,888 shares of the basic materials company’s stock valued at $28,387,000 after purchasing an additional 61,390 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Newmont by 10.1% in the 2nd quarter. Jennison Associates LLC now owns 331,635 shares of the basic materials company’s stock worth $21,019,000 after acquiring an additional 30,389 shares during the period. Ergoteles LLC bought a new position in Newmont during the 2nd quarter valued at $42,147,000. Finally, FLC Capital Advisors increased its position in shares of Newmont by 2.9% during the 2nd quarter. FLC Capital Advisors now owns 7,120 shares of the basic materials company’s stock valued at $451,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 77.76% of the company’s stock.

A number of research firms recently issued reports on NEM. Canaccord Genuity lowered their target price on Newmont from $74.00 to $71.00 and set a “buy” rating on the stock in a report on Friday, July 23rd. TD Securities lowered Newmont from a “buy” rating to a “hold” rating and cut their target price for the stock from $74.00 to $70.00 in a research report on Friday, July 23rd. UBS Group set a $64.00 price target on Newmont and gave the company a “neutral” rating in a research report on Friday, July 23rd. Raymond James set a $82.00 price target on Newmont and gave the company an “outperform” rating in a research report on Friday, July 23rd. Finally, KeyCorp initiated coverage on Newmont in a research report on Friday. They issued a “sector weight” rating for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $72.63.

In other Newmont news, SVP Blake Rhodes sold 500 shares of the business’s stock in a transaction on Thursday, July 1st. The stock was sold at an average price of $64.00, for a total value of $32,000.00. Following the transaction, the senior vice president now owns 50,311 shares of the company’s stock, valued at $3,219,904. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Dean Gehring sold 2,991 shares of the business’s stock in a transaction on Friday, September 3rd. The stock was sold at an average price of $60.00, for a total value of $179,460.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,588 shares of company stock worth $1,610,567. 0.12% of the stock is owned by insiders.

NYSE NEM traded up $0.40 during trading on Monday, hitting $54.27. The company’s stock had a trading volume of 163,337 shares, compared to its average volume of 6,531,625. The company has a quick ratio of 2.33, a current ratio of 2.67 and a debt-to-equity ratio of 0.23. The firm has a 50 day moving average price of $58.43 and a 200 day moving average price of $63.03. The firm has a market cap of $43.37 billion, a P/E ratio of 15.27 and a beta of 0.23. Newmont Co. has a 52 week low of $53.52 and a 52 week high of $75.31.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 22nd. The basic materials company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.07. Newmont had a return on equity of 11.78% and a net margin of 23.00%. The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.11 billion. During the same quarter last year, the firm earned $0.32 EPS. Newmont’s revenue for the quarter was up 29.6% compared to the same quarter last year. On average, equities analysts expect that Newmont Co. will post 3.55 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 23rd. Investors of record on Thursday, September 9th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Wednesday, September 8th. Newmont’s dividend payout ratio is 82.71%.

Newmont Company Profile

Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.

Featured Story: Analyzing a company’s cash flow statement

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:NEM).

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.