K.J. Harrison & Partners Inc Purchases New Stake in Newmont Corporation $NEM

K.J. Harrison & Partners Inc purchased a new position in shares of Newmont Corporation (NYSE:NEM) in the second quarter, HoldingsChannel.com reports. The fund purchased 50,795 shares of the basic materials company’s stock, valued at approximately $4,744,000.

Several other large investors have also bought and sold shares of NEM. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont in the 1st quarter valued at approximately $25,000. Pinnacle Bancorp Inc. bought a new stake in shares of Newmont in the first quarter worth $25,000. Swiss RE Ltd. acquired a new stake in shares of Newmont in the fourth quarter valued at about $26,000. Clearstead Trust LLC acquired a new stake in Newmont during the 2nd quarter valued at approximately $25,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Price Performance

Shares of NYSE NEM opened at $120.35 on Tuesday. The stock has a fifty day moving average of $99.36 and a 200-day moving average of $108.81. Newmont Corporation has a fifty-two week low of $67.20 and a fifty-two week high of $134.88. The stock has a market cap of $126.81 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same quarter last year, the company earned $1.43 earnings per share. Equities research analysts anticipate that Newmont Corporation will post 9 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio is currently 13.13%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Citigroup lowered their target price on Newmont from $150.00 to $125.00 and set a “buy” rating for the company in a report on Monday, July 20th. Wall Street Zen cut shares of Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Barclays cut their price objective on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Tuesday, July 28th. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a report on Monday, April 27th. Finally, UBS Group reduced their price target on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $132.59.

Insider Transactions at Newmont

In other news, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the sale, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 32,091 shares of company stock worth $3,292,513. Insiders own 0.06% of the company’s stock.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.