Estabrook Capital Management buys 500 shares of Newmont Co. (NYSE:NEM)

VaselineSeptember 22, 2024

0 4 minutes read

Estabrook Capital Management raised its holdings in shares of Newmont Co. (NYSE:NEM – Free Report) by 23.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,672 shares of the basic materials company’s stock after purchasing an additional 500 shares during the period. Estabrook Capital Management’s holdings in Newmont were worth $112,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of NEM. EverSource Wealth Advisors LLC boosted its holdings in shares of Newmont by 206.3% during the second quarter. EverSource Wealth Advisors LLC now owns 3,559 shares of the basic materials company’s stock worth $149,000 after acquiring an additional 2,397 shares during the last quarter. Itau Unibanco Holding SA increased its position in Newmont by 9.5% in the second quarter. Itau Unibanco Holding SA now owns 21,588 shares of the basic materials company’s stock worth $904,000 after acquiring an additional 1,864 shares during the period. 1832 Asset Management LP boosted its holdings in shares of Newmont by 107.3% in the second quarter. 1832 Asset Management LP now owns 1,221 shares of the basic materials company’s stock valued at $51,000 after buying an additional 632 shares in the last quarter. Frank Rimerman Advisors LLC increased its position in shares of Newmont by 17,241.7% in the second quarter. Frank Rimerman Advisors LLC now owns 10,405 shares of the basic materials company’s stock valued at $436,000 after buying an additional 10,345 shares during the period. Finally, ProShare Advisors LLC boosted its stake in shares of Newmont by 8.1% during the 2nd quarter. ProShare Advisors LLC now owns 191,204 shares of the basic materials company’s stock worth $8,006,000. after buying an additional 14,352 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s shares.

Newmont price performance

Shares of NYSE:NEM opened at $54.47 on Friday. The firm has a 50-day moving average of $50.10 and a 200-day moving average of $43.54. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $54.93. 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 stock has a market cap of $62.81 billion, a PE ratio of -20.40, a PEG ratio of 0.37 and a beta of 0.49.

Want more great investment ideas?

Newmont (NYSE:NEM – Get Your Free Report ) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the company earned $0.33 EPS. Newmont’s revenue for the quarter was up 64.1% year over year. On average, equities research analysts predict that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont announces dividend

The company also recently declared 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. The ex-dividend date is Thursday, September 5. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 1.84%. Newmont’s payout ratio is currently -37.45%.

Inside activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the 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 $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was 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 owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. Also, EVP Peter Toth sold 3,000 shares of the company’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 transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,000 shares of company stock worth $2,744,700. 0.06% of shares are held by insiders.

Changes in Analyst Ratings

NEM has been the subject of several research analyst reports. BMO Capital Markets upped their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Bank of America boosted their price target on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $48.00 to $59.00 in a research report on Monday, August 19. Finally, JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Moderate Buy” and a consensus price target of $52.62, according to MarketBeat.

Check out our latest research report on NEM

Newmont profile

(Free Report)

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.