Corton Capital Inc. Purchases Shares of 6,453 Newmont Corporation (NYSE:NEM)

Key Points

• Corton Capital Inc. acquired 6,453 shares of Newmont Corporation, valued at approximately $312,000, making it the 12th largest holding in its investment portfolio.
• Newmont reported a strong quarterly performance with an EPS of $1.43, exceeding consensus estimates, and revenue growth of 20.8% from the same quarter last year.
• The company announced a quarterly dividend of $0.25 per share to be paid on September 29th, resulting in an annualized dividend yield of 1.52%.

Corton Capital Inc. acquired a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,453 shares of the basic materials company's stock, valued at approximately $312,000. Newmont makes up about 1.0% of Corton Capital Inc.'s portfolio, making the stock its 12th biggest position.

A number of other institutional investors and hedge funds have also modified their holdings of NEM. Norges Bank bought a new position in Newmont during the fourth quarter worth $626,074,000. Pacer Advisors Inc. increased its position in Newmont by 4,203.5% during the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock worth $259,580,000 after acquiring an additional 5,251,616 shares during the period. Voloridge Investment Management LLC bought a new stake in Newmont in the 4th quarter valued at $92,693,000. Capital Research Global Investors increased its holdings in Newmont by 70.7% in the 4th quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock valued at $210,105,000 after buying an additional 2,338,953 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in Newmont in the 4th quarter valued at $76,281,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the sale, the director owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the sale, the executive vice president directly owned 77,526 shares of the company's stock, valued at approximately $4,193,381.34. This trade represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,231 shares of company stock valued at $679,813 in the last 90 days. Corporate insiders own 0.05% of the company's stock.

Newmont Stock Down 2.6%

Shares of NYSE:NEM traded down $1.68 during trading on Wednesday, reaching $62.31. 10,305,015 shares of the stock were exchanged, compared to its average volume of 12,211,017. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $66.57. The stock has a fifty day moving average of $57.54 and a two-hundred day moving average of $50.89. The firm has a market cap of $68.44 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.91 and a beta of 0.33.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. Newmont's revenue was up 20.8% compared to the same quarter last year. Research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.60%. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Analysts Set New Price Targets

NEM has been the topic of several analyst reports. National Bankshares raised shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday. Scotiabank upped their price objective on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Monday. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. UBS Group upped their target price on shares of Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Finally, Raymond James Financial increased their target price on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.58.

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.