Perritt Capital Management Inc Grows Stock Holdings in Newmont Co. (NYSE:NEM)

Perritt Capital Management Inc grew its holdings in Newmont Co. (NYSE:NEM) by 201.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,945 shares of the basic materials company’s stock after acquiring an additional 9,322 shares during the period. Perritt Capital Management Inc’s holdings in Newmont were worth $584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NEM. LRI Investments LLC purchased a new position in Newmont in the first quarter valued at about $25,000. Strategic Financial Concepts LLC acquired a new position in Newmont during the 2nd quarter worth approximately $25,000. Manchester Capital Management LLC lifted its position in Newmont by 171.9% during the 4th 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. Heritage Wealth Advisors boosted its holdings in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the period. Finally, Crewe Advisors LLC acquired a new stake in Newmont in the first quarter valued at approximately $35,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Performance

Newmont stock opened at $50.74 on Thursday. The company has a market cap of $58.51 billion, a PE ratio of -19.00, a P/E/G ratio of 0.37 and a beta of 0.49. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $53.88. The company has a fifty day moving average price of $48.95 and a two-hundred day moving average price of $42.46. 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 (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s quarterly revenue was up 64.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.33 EPS. Research analysts expect that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Wall Street Analysts Forecast Growth

NEM has been the subject of several analyst reports. Sanford C. Bernstein decreased their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 16th. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, Bank of America lifted their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated 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 owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,000 shares of company stock worth $2,744,700. 0.06% of the stock is currently owned by company insiders.

About Newmont

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.