Friedenthal Financial Invests $53,000 in Newmont Co. (NYSE:NEM)

Friedenthal Financial acquired a new stake in Newmont Co. (NYSE:NEM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,271 shares of the basic materials company’s stock, valued at approximately $53,000.

Several other institutional investors and hedge funds have also bought and sold shares of NEM. Vanguard Group Inc. lifted its stake in shares of Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after buying an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Newmont by 57.2% during the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after purchasing an additional 18,664,614 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Newmont by 44.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after purchasing an additional 7,635,657 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in Newmont by 29.9% in the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock worth $983,267,000 after purchasing an additional 5,475,155 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NEM. Jefferies Financial Group increased their price target on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Scotiabank raised their price target on shares of Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and upped their price target for the stock from $40.00 to $50.00 in a report on Monday, June 17th. BMO Capital Markets lifted their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Sanford C. Bernstein decreased their target price on Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research note on Thursday, May 16th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.00.

Newmont Price Performance

Shares of NEM stock opened at $49.13 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The firm has a market cap of $56.65 billion, a P/E ratio of -18.36, a P/E/G ratio of 0.37 and a beta of 0.47. The business’s 50 day moving average price is $44.79 and its 200-day moving average price is $39.84. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $50.72.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.33 EPS. On average, equities research analysts anticipate that Newmont Co. will post 2.76 earnings per share for the current 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 given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio is currently -37.45%.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Newmont Company Profile

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.