Park Avenue Securities LLC Makes New $1.13 Million Investment in Newmont Co. (NYSE:NEM)

Park Avenue Securities LLC bought a new position in Newmont Co. (NYSE:NEM) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 23,450 shares of the basic materials company’s stock, valued at approximately $1,132,000.

A number of other institutional investors and hedge funds have also made changes to their positions in NEM. Norges Bank bought a new position in shares of Newmont during the fourth quarter valued at approximately $626,074,000. Voloridge Investment Management LLC acquired a new position in Newmont in the fourth quarter worth approximately $92,693,000. Capital Research Global Investors raised its position in shares of Newmont by 70.7% during the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company’s stock worth $210,105,000 after purchasing an additional 2,338,953 shares during the period. Renaissance Technologies LLC purchased a new stake in Newmont during the fourth quarter valued at about $76,281,000. Finally, Invesco Ltd. boosted its stake in Newmont by 23.9% in the 4th quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company’s stock worth $391,568,000 after purchasing an additional 2,028,150 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $112,344.93. Following the completion of the sale, the director now directly owns 45,180 shares of the company’s stock, valued at approximately $2,443,786.20. This represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the sale, the executive vice president now owns 77,526 shares in the company, valued at approximately $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,154 shares of company stock worth $381,539. 0.05% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on NEM shares. Wall Street Zen raised shares of Newmont from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $50.00 to $60.00 in a report on Friday, April 11th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Newmont in a research report on Thursday, April 24th. National Bank Financial raised shares of Newmont to a “hold” rating in a research report on Friday, March 21st. Finally, National Bankshares reaffirmed a “sector perform” rating on shares of Newmont in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $57.68.

Newmont Trading Up 1.4%

Shares of NYSE NEM opened at $53.28 on Thursday. Newmont Co. has a 1-year low of $36.86 and a 1-year high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $52.51 and a two-hundred day moving average of $46.18. The company has a market cap of $59.30 billion, a PE ratio of 18.18, a P/E/G ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.54. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The business had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the business earned $0.55 earnings per share. As a group, equities analysts expect that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.88%. Newmont’s dividend payout ratio (DPR) is presently 22.42%.

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.