Wakefield Asset Management LLLP Invests $3.76 Million in Newmont Co. (NYSE:NEM)

Wakefield Asset Management LLLP acquired a new position in Newmont Co. (NYSE:NEM) in the second quarter, Holdings Channel.com reports. The fund acquired 89,859 shares of the basic materials company’s stock, valued at approximately $3,762,000. Newmont accounts for approximately 1.3% of Wakefield Asset Management LLLP’s holdings, making the stock its 18th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC boosted its holdings in Newmont by 171.9% in the fourth 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 in the last quarter. LRI Investments LLC purchased a new stake in Newmont during the 1st quarter worth approximately $25,000. Heritage Wealth Advisors increased its stake in Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares in the last quarter. Crewe Advisors LLC purchased a new position in shares of Newmont in the first quarter worth $35,000. Finally, Rise Advisors LLC lifted its stake in shares of Newmont by 2,373.2% during the first quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after buying an additional 973 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NEM has been the subject of a number of research analyst reports. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Thursday, August 29th. Sanford C. Bernstein reduced their price objective on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 16th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.46.

Newmont Trading Down 3.1 %

Shares of Newmont stock opened at $50.34 on Friday. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $53.88. 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 company has a market cap of $58.05 billion, a P/E ratio of -18.85, a price-to-earnings-growth ratio of 0.39 and a beta of 0.47. The firm has a 50-day simple moving average of $48.43 and a two-hundred day simple moving average of $42.00.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the prior year, the firm posted $0.33 EPS. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. As a group, equities analysts predict that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.99%. Newmont’s dividend payout ratio is currently -37.45%.

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.