Oxbow Advisors LLC Grows Stake 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, HoldingsChannel reports. The firm owned 149,012 shares of the basic materials company’s stock after acquiring an additional 128,024 shares during the period. 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 the company. LRI Investments LLC bought a new position in Newmont during the 1st quarter worth about $25,000. Manchester Capital Management LLC increased its holdings in Newmont by 171.9% during the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after buying an additional 397 shares during the period. Heritage Wealth Advisors raised its stake in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after buying an additional 878 shares in the last quarter. Crewe Advisors LLC purchased a new stake in Newmont during the first quarter worth $35,000. Finally, Rise Advisors LLC lifted its holdings in Newmont by 2,373.2% during the first quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after buying an additional 973 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of several recent research reports. BNP Paribas raised Newmont to a “strong-buy” rating in a research report on Friday, June 21st. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and boosted their target price for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and raised their price target for the company from $40.00 to $50.00 in a report on Monday, June 17th. Scotiabank upgraded shares of 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 note on Monday, August 19th. Finally, Jefferies Financial Group increased their target price 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. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Newmont Stock Performance

Shares of NYSE NEM traded down $1.59 during mid-day trading on Friday, hitting $50.34. The stock had a trading volume of 6,476,450 shares, compared to its average volume of 10,571,216. The company has a 50 day moving average of $48.43 and a two-hundred day moving average of $42.00. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $53.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The firm 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 quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $4.13 billion. During the same period in the prior year, the company earned $0.33 earnings per share. The company’s revenue was up 64.1% on a year-over-year basis. Research analysts predict that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Announces Dividend

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

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were 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 $15,420,830.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’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 value of $157,410.00. Following the sale, 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 SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock worth $2,744,700 over the last 90 days. 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.