JB Capital LLC Purchases 1,303 Shares of Newmont Co. (NYSE:NEM)

JB Capital LLC grew its position in Newmont Co. (NYSE:NEM) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,313 shares of the basic materials company’s stock after purchasing an additional 1,303 shares during the quarter. JB Capital LLC’s holdings in Newmont were worth $3,111,000 at the end of the most recent reporting period.

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

Newmont Price Performance

NEM traded up $0.63 during trading on Friday, reaching $52.04. The company’s stock had a trading volume of 4,544,559 shares, compared to its average volume of 10,794,402. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $52.38. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a market cap of $60.01 billion, a price-to-earnings ratio of -19.46, a PEG ratio of 0.37 and a beta of 0.47. The firm has a fifty day simple moving average of $46.13 and a two-hundred day simple moving average of $40.54.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) 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 business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same period last year, the company earned $0.33 EPS. The company’s revenue for the quarter was up 64.1% on a year-over-year basis. As a group, analysts anticipate that Newmont Co. will post 2.76 EPS for the current year.

Newmont Dividend Announcement

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 given a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.92%. Newmont’s payout ratio is -37.45%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, 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 document filed with the SEC, which is accessible through the SEC website. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NEM shares. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and increased their price target for the stock from $40.00 to $50.00 in a report on Monday, June 17th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $48.00 to $59.00 in a report on Monday. StockNews.com raised shares of Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. 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, JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.92.

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.