Blue Trust Inc. Boosts Stock Position in Newmont Co. (NYSE:NEM)

Blue Trust Inc. raised its holdings in shares of Newmont Co. (NYSE:NEM) by 21.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,237 shares of the basic materials company’s stock after purchasing an additional 1,792 shares during the quarter. Blue Trust Inc.’s holdings in Newmont were worth $429,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Manchester Capital Management LLC raised its stake in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 397 shares during the period. LRI Investments LLC purchased a new stake in Newmont in the 1st quarter worth about $25,000. Heritage Wealth Advisors lifted its stake in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 878 shares during the last quarter. Crewe Advisors LLC purchased a new position in shares of Newmont during the first quarter valued at approximately $35,000. Finally, Advantage Trust Co bought a new position in shares of Newmont during the fourth quarter valued at approximately $41,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Up 1.8 %

Shares of NEM stock traded up $0.90 during mid-day trading on Friday, hitting $50.21. 8,496,903 shares of the stock traded hands, compared to its average volume of 10,960,169. The stock’s fifty day moving average is $45.28 and its two-hundred day moving average is $40.08. 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 52-week low of $29.42 and a 52-week high of $50.72. The stock has a market cap of $57.90 billion, a P/E ratio of -18.81, a P/E/G ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the consensus estimate 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 negative net margin of 13.16% and a positive return on equity of 8.35%. Newmont’s revenue was up 64.1% compared to the same quarter last year. During the same period last year, the firm earned $0.33 earnings per share. Equities analysts predict that Newmont Co. will post 2.76 EPS for the current year.

Newmont Dividend Announcement

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

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $50.00 in a research report on Monday, June 17th. National Bank Financial downgraded shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Finally, CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and increased their price objective for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Seven equities research 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 company. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $50.00.

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.