Quent Capital LLC Raises Position in Newmont Co. (NYSE:NEM)

Quent Capital LLC increased its position in Newmont Co. (NYSE:NEM) by 66.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,714 shares of the basic materials company’s stock after acquiring an additional 685 shares during the period. Quent Capital LLC’s holdings in Newmont were worth $72,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new position in Newmont in the 1st quarter worth $25,000. Manchester Capital Management LLC raised its stake in Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares during the last quarter. Heritage Wealth Advisors raised its stake in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the last quarter. Crewe Advisors LLC purchased a new position in Newmont in the 1st quarter worth $35,000. Finally, Rise Advisors LLC raised its stake in Newmont by 2,373.2% in the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 973 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NEM. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Bank of America lifted their price objective on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price objective for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. Jefferies Financial Group lifted their price objective on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, National Bank Financial lowered Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.00.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.06% of the stock is currently owned by insiders.

Newmont Price Performance

NEM stock traded up $0.24 during trading on Wednesday, hitting $47.84. The stock had a trading volume of 1,207,414 shares, compared to its average volume of 11,169,384. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $50.72. The stock has a market capitalization of $55.17 billion, a P/E ratio of -17.82, a PEG ratio of 0.37 and a beta of 0.47. The company’s 50-day moving average price is $44.15 and its two-hundred day moving average price is $39.37.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the previous year, the firm posted $0.33 EPS. Newmont’s revenue was up 64.1% compared to the same quarter last year. As a group, research analysts predict that Newmont Co. will post 2.76 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.09%. The ex-dividend date is Thursday, September 5th. Newmont’s payout ratio is -37.45%.

About Newmont

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.