Oxbow Advisors LLC Raises Stock Position in Newmont Co. (NYSE:NEM)

Oxbow Advisors LLC raised its position in shares of Newmont Co. (NYSE:NEM) by 610.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 149,012 shares of the basic materials company’s stock after purchasing an additional 128,024 shares during the quarter. Oxbow Advisors LLC’s holdings in Newmont were worth $6,239,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in NEM. Vanguard Group Inc. raised its position in Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after acquiring an additional 16,190,422 shares during the period. Van ECK Associates Corp lifted its position in Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares in the last quarter. First Eagle Investment Management LLC grew its holdings in Newmont by 29.9% during the fourth quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares during the period. Bank of New York Mellon Corp increased its position in Newmont by 39.8% in the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after buying an additional 6,617,145 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Newmont in the fourth quarter worth about $604,516,000. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Jefferies Financial Group raised their price objective on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Bank of America raised their price target on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Newmont Trading Down 3.1 %

NEM traded down $1.59 on Friday, hitting $50.34. The company had a trading volume of 6,476,450 shares, compared to its average volume of 10,571,216. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $53.88. 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 business’s fifty day simple moving average is $48.43 and its 200 day simple moving average is $42.00. The company has a market cap of $58.05 billion, a PE ratio of -18.85, a PEG ratio of 0.39 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 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 firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the previous year, the business earned $0.33 EPS. The company’s quarterly revenue was up 64.1% on a year-over-year basis. Equities research analysts expect that Newmont Co. will post 2.82 EPS for the current year.

Newmont Announces Dividend

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

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 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 $157,410.00. Following the completion of the sale, the executive vice president now 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 quarter, insiders sold 56,000 shares of company stock worth $2,744,700. 0.06% of the stock is currently owned by 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.