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Affinity Investment Advisors LLC Grows Position in Newmont Corporation (NYSE:NEM)

Newmont logo with Basic Materials background

Key Points

  • Affinity Investment Advisors LLC increased its stake in Newmont Corporation by 21.4%, acquiring 4,974 additional shares, which raised their total ownership to 28,211 shares worth $1.36 million.
  • Newmont reported earnings of $1.43 per share, exceeding analyst estimates of $0.95, with a significant revenue increase of 20.8% year-over-year to $5.32 billion.
  • The company declared a quarterly dividend of $0.25 per share, representing an annualized dividend of $1.00 and a yield of 1.4%, with an ex-dividend date set for September 4th.
  • Want stock alerts on Newmont? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Affinity Investment Advisors LLC grew its stake in Newmont Corporation (NYSE:NEM - Free Report) by 21.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,211 shares of the basic materials company's stock after buying an additional 4,974 shares during the period. Affinity Investment Advisors LLC's holdings in Newmont were worth $1,362,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Nuveen LLC purchased a new position in Newmont in the 1st quarter worth $306,507,000. Pacer Advisors Inc. increased its holdings in shares of Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock valued at $259,580,000 after purchasing an additional 5,251,616 shares during the period. Voloridge Investment Management LLC purchased a new position in shares of Newmont in the fourth quarter worth about $92,693,000. Capital Research Global Investors lifted its holdings 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Newmont during the fourth quarter worth about $75,435,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Performance

Shares of NEM stock opened at $69.32 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $70.29. The business's 50 day moving average is $61.00 and its two-hundred day moving average is $53.19. The company has a market capitalization of $76.14 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.82 and a beta of 0.30.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share 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 period in the prior year, the company posted $0.72 EPS. The business's quarterly revenue was up 20.8% on a year-over-year basis. Analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Analysts Set New Price Targets

NEM has been the topic of several research reports. Cfra Research upgraded shares of Newmont to a "strong-buy" rating in a report on Friday, April 25th. Raymond James Financial upped their price objective on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Stifel Nicolaus began coverage on shares of Newmont in a report on Wednesday, July 9th. They set a "buy" rating and a $73.00 target price for the company. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Finally, Scotiabank increased their price target on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Check Out Our Latest Stock Analysis on Newmont

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,246 shares of company stock worth $1,373,251 over the last 90 days. 0.05% of the stock is currently owned by company insiders.

Newmont Company 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.

Further Reading

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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