MGO One Seven LLC Raises Holdings in Newmont Corporation (NYSE:NEM)

by · The Markets Daily

MGO One Seven LLC grew its position in shares of Newmont Corporation (NYSE:NEM – Free Report) by 14.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,728 shares of the basic materials company’s stock after buying an additional 7,309 shares during the period. MGO One Seven LLC’s holdings in Newmont were worth $2,739,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. SOA Wealth Advisors LLC. lifted its holdings in Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont during the 1st quarter worth about $26,000. Private Trust Co. NA lifted its holdings in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 347 shares in the last quarter. Nexus Investment Management ULC purchased a new stake in Newmont during the 1st quarter worth about $31,000. Finally, TCTC Holdings LLC lifted its holdings in Newmont by 123.1% during the 1st quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 362 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the transaction, the director directly owned 43,103 shares in the company, valued at $2,532,301.25. This trade represents a 4.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president owned 77,526 shares in the company, valued at approximately $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,154 shares of company stock worth $572,889. 0.05% of the stock is owned by corporate insiders.

Newmont Price Performance

NEM opened at $62.06 on Friday. The stock’s 50 day simple moving average is $57.92 and its 200 day simple moving average is $51.13. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $66.57. The firm has a market cap of $68.17 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 0.76 and a beta of 0.33.

Newmont (NYSE:NEM – Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the company earned $0.72 EPS. Newmont’s revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Thursday, September 4th. Newmont’s dividend payout ratio (DPR) is presently 17.95%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NEM shares. Stifel Nicolaus assumed coverage on Newmont in a report on Wednesday, July 9th. They set a “buy” rating and a $73.00 price objective on the stock. Argus set a $63.00 target price on Newmont in a research note on Friday, April 25th. National Bank Financial upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 25th. BMO Capital Markets restated an “outperform” rating on shares of Newmont in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $60.90 target price on shares of Newmont in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $64.58.

Check Out Our Latest Stock Report on NEM

Newmont Company Profile

(Free Report)

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.

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