Patriot Financial Group Insurance Agency LLC Purchases 6,892 Shares of Newmont Co. (NYSE:NEM)

Patriot Financial Group Insurance Agency LLC raised its position in Newmont Co. (NYSE:NEM) by 21.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,631 shares of the basic materials company’s stock after buying an additional 6,892 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Newmont were worth $1,618,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. CWM LLC raised its holdings in shares of Newmont by 34.0% in the fourth quarter. CWM LLC now owns 13,492 shares of the basic materials company’s stock valued at $558,000 after buying an additional 3,420 shares during the last quarter. Atria Wealth Solutions Inc. grew its stake in shares of Newmont by 20.1% during the fourth quarter. Atria Wealth Solutions Inc. now owns 25,702 shares of the basic materials company’s stock valued at $1,064,000 after purchasing an additional 4,293 shares during the last quarter. Bailard Inc. bought a new stake in shares of Newmont during the fourth quarter valued at approximately $611,000. Syon Capital LLC bought a new position in Newmont in the 4th quarter worth approximately $549,000. Finally, Kovack Advisors Inc. lifted its holdings in Newmont by 17.0% during the 4th quarter. Kovack Advisors Inc. now owns 11,055 shares of the basic materials company’s stock worth $458,000 after buying an additional 1,609 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of recent research reports. Jefferies Financial Group boosted their target price on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Sanford C. Bernstein cut their price objective on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. Finally, BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

Newmont Stock Performance

Shares of Newmont stock traded up $0.44 on Tuesday, hitting $52.70. The stock had a trading volume of 4,688,706 shares, compared to its average volume of 10,726,695. The stock has a market cap of $60.77 billion, a price-to-earnings ratio of -19.74, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. 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 Co. has a twelve month low of $29.42 and a twelve month high of $52.77. The business’s 50 day moving average is $46.58 and its two-hundred day moving average is $40.90.

Newmont (NYSE:NEM) last announced its earnings results 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 negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the prior year, the business posted $0.33 EPS. The business’s revenue was up 64.1% compared to the same quarter last year. Analysts forecast that Newmont Co. will post 2.76 EPS 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 1.90%. The ex-dividend date is Thursday, September 5th. Newmont’s payout ratio is presently -37.45%.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’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 value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is currently owned by insiders.

Newmont 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.