Confluence Investment Management LLC Increases Stock Position in Newmont Co. (NYSE:NEM)

Confluence Investment Management LLC grew its holdings in shares of Newmont Co. (NYSE:NEM) by 8.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 10,855 shares of the basic materials company’s stock after acquiring an additional 805 shares during the quarter. Confluence Investment Management LLC’s holdings in Newmont were worth $454,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. OMC Financial Services LTD bought a new position in shares of Newmont in the first quarter worth approximately $336,000. DekaBank Deutsche Girozentrale boosted its holdings in Newmont by 135.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,303,746 shares of the basic materials company’s stock valued at $46,925,000 after acquiring an additional 750,319 shares in the last quarter. Clean Yield Group bought a new stake in Newmont in the first quarter valued at $43,000. Teachers Retirement System of The State of Kentucky boosted its holdings in Newmont by 35.6% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 94,471 shares of the basic materials company’s stock valued at $3,386,000 after acquiring an additional 24,819 shares in the last quarter. Finally, Cetera Advisors LLC boosted its holdings in Newmont by 30.3% in the first quarter. Cetera Advisors LLC now owns 21,464 shares of the basic materials company’s stock valued at $769,000 after acquiring an additional 4,987 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NEM. StockNews.com upgraded shares of Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. Scotiabank boosted their target price 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. Sanford C. Bernstein dropped their target price 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, Bank of America boosted their target price on shares of Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.00.

Newmont Stock Performance

Shares of Newmont stock traded down $1.33 during trading hours on Monday, reaching $47.18. 4,717,759 shares of the stock traded hands, compared to its average volume of 11,206,846. The company has a 50 day moving average price of $43.95 and a 200 day moving average price of $39.19. The firm has a market capitalization of $54.14 billion, a price-to-earnings ratio of -18.17, a P/E/G ratio of 0.37 and a beta of 0.47. Newmont Co. has a one year low of $29.42 and a one year high of $50.72. 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 (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s revenue was up 64.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. On average, equities research analysts expect that Newmont Co. will post 2.76 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.12%. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

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.