AlTi Global Inc. Purchases Shares of 16,570 Newmont Corporation $NEM

Key Points

• AlTi Global Inc. has acquired a new stake in Newmont Corporation, purchasing 16,570 shares valued at approximately $800,000.
• Newmont reported $1.43 EPS for its latest quarter, surpassing analyst expectations of $0.95, with revenues also exceeding estimates at $5.32 billion.
• The company has declared a quarterly dividend of $0.25 per share with a yield of 1.3%, set to be paid on September 29th.

AlTi Global Inc. purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,570 shares of the basic materials company's stock, valued at approximately $800,000.

Other large investors also recently made changes to their positions in the company. SOA Wealth Advisors LLC. increased its stake in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 201 shares during the period. Cloud Capital Management LLC acquired a new position in Newmont in the 1st quarter worth approximately $26,000. Colonial Trust Advisors boosted its stake in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares during the period. Private Trust Co. NA boosted its stake in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares during the period. Finally, Nexus Investment Management ULC acquired a new stake in shares of Newmont during the 1st quarter valued at $31,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on NEM. UBS Group boosted their price target on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. BNP Paribas lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday. The Goldman Sachs Group restated a "neutral" rating and set a $60.90 price objective on shares of Newmont in a report on Tuesday, July 8th. Stifel Nicolaus started coverage on Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target on the stock. Finally, National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Four investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and an average price target of $65.15.

Newmont Trading Down 0.4%

Shares of NEM stock traded down $0.33 during trading hours on Monday, reaching $75.84. The company had a trading volume of 10,086,201 shares, compared to its average volume of 11,663,139. The company has a 50 day moving average of $65.61 and a 200 day moving average of $56.06. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The firm has a market cap of $83.30 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 0.92 and a beta of 0.33. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $77.30.

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 for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The company had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share. On average, equities research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the sale, the director directly owned 38,949 shares in the company, valued at $2,905,205.91. This trade represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,246 shares of company stock valued at $1,253,559 over the last three months. 0.05% of the stock is currently owned by corporate 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.