AGF Management Ltd. Acquires 49,266 Shares of Newmont Co. (NYSE:NEM)

AGF Management Ltd. lifted its holdings in shares of Newmont Co. (NYSE:NEM) by 223.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,360 shares of the basic materials company’s stock after buying an additional 49,266 shares during the quarter. AGF Management Ltd.’s holdings in Newmont were worth $2,988,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of NEM. Manchester Capital Management LLC boosted its holdings in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares during the period. LRI Investments LLC purchased a new position in Newmont during the 1st quarter valued at about $25,000. Heritage Wealth Advisors increased its position in shares of Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares during the period. Crewe Advisors LLC purchased a new stake in shares of Newmont in the first quarter worth about $35,000. Finally, Rise Advisors LLC boosted its position in shares of Newmont by 2,373.2% in the first quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 973 shares during the period. 68.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the business’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 $157,410.00. Following the completion of the transaction, 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. Insiders have sold 56,000 shares of company stock valued at $2,744,700 in the last ninety days. Company insiders own 0.06% of the company’s stock.

Newmont Trading Up 4.2 %

Shares of NEM opened at $52.89 on Friday. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $53.88. The firm has a market cap of $60.99 billion, a price-to-earnings ratio of -19.81, a PEG ratio of 0.37 and a beta of 0.49. The firm has a 50 day moving average price of $49.14 and a 200-day moving average price of $42.54. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last posted its quarterly earnings results 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 negative net margin of 13.16% and a positive return on equity of 8.35%. The business 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 firm posted $0.33 earnings per share. The firm’s revenue for the quarter was up 64.1% on a year-over-year basis. As a group, equities research analysts forecast that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.89%. Newmont’s payout ratio is -37.45%.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Sanford C. Bernstein reduced their target price on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research report on Thursday, May 16th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Finally, BNP Paribas raised Newmont to a “strong-buy” rating in a report on Friday, June 21st. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.46.

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.