89,859 Shares in Newmont Co. (NYSE:NEM) Purchased by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP purchased a new position in Newmont Co. (NYSE:NEM) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 89,859 shares of the basic materials company’s stock, valued at approximately $3,762,000. Newmont makes up about 1.3% of Wakefield Asset Management LLLP’s investment portfolio, making the stock its 18th largest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NEM. American International Group Inc. boosted its stake in Newmont by 24.8% during the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after buying an additional 58,217 shares during the last quarter. Principal Financial Group Inc. increased its position in Newmont by 34.1% in the fourth quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after purchasing an additional 325,320 shares during the last quarter. Premier Fund Managers Ltd bought a new position in Newmont during the fourth quarter valued at $1,276,000. Nations Financial Group Inc. IA ADV bought a new position in Newmont during the fourth quarter valued at $1,167,000. Finally, Virtu Financial LLC purchased a new position in shares of Newmont in the 4th quarter worth $3,313,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Price Performance

Shares of NEM stock opened at $50.34 on Friday. The company’s 50-day simple moving average is $48.43 and its two-hundred day simple moving average is $42.00. 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 one year low of $29.42 and a one year high of $53.88. The company has a market capitalization of $58.05 billion, a P/E ratio of -18.85, a P/E/G ratio of 0.39 and a beta of 0.47.

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, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s revenue was up 64.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 earnings per share. As a group, equities analysts anticipate that Newmont Co. will post 2.82 EPS for the current year.

Newmont Announces Dividend

The firm 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 $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NEM. Bank of America upped their target price on shares of Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a report on Friday, June 21st. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Finally, UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Insiders Place Their Bets

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

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.