Herr Investment Group LLC Takes $419,000 Position in Newmont Co. (NYSE:NEM)

Herr Investment Group LLC acquired a new stake in shares of Newmont Co. (NYSE:NEM - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the basic materials company's stock, valued at approximately $419,000.

Other hedge funds have also recently made changes to their positions in the company. LRI Investments LLC purchased a new position in Newmont during the first quarter worth about $25,000. Strategic Financial Concepts LLC purchased a new position in Newmont during the second quarter worth about $25,000. Meeder Asset Management Inc. purchased a new position in Newmont during the second quarter worth about $27,000. Heritage Wealth Advisors boosted its holdings in Newmont by 1,310.4% during 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. Finally, Crewe Advisors LLC purchased a new position in Newmont during the first quarter worth about $35,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on NEM. Scotiabank raised shares of Newmont from a "sector perform" rating to a "sector outperform" rating and lifted their price objective for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Bank of America lifted their price objective on shares of Newmont from $49.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, June 26th. Jefferies Financial Group lifted their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, July 12th. BMO Capital Markets lifted their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an "outperform" rating in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. lowered shares of Newmont from an "overweight" rating to a "neutral" rating in a research report on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $52.62.

Newmont Stock Performance

Shares of NYSE NEM traded up $0.95 during midday trading on Friday, hitting $54.47. The company's stock had a trading volume of 18,511,533 shares, compared to its average volume of 10,454,338. The stock has a fifty day moving average price of $50.10 and a 200 day moving average price of $43.47. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $62.81 billion, a price-to-earnings ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. Newmont Co. has a one year low of $29.42 and a one year high of $54.93.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion for 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%. Newmont's revenue was up 64.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 EPS. On average, research analysts forecast that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Thursday, September 5th. Newmont's dividend payout ratio (DPR) is presently -37.45%.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares of the company's stock, valued at approximately $15,293,378.43. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares of the company's stock, valued at $15,293,378.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,000 shares of company stock valued at $2,744,700. Company 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.