Atalanta Sosnoff Capital LLC Invests $200,000 in Newmont Corporation $NEM

Key Points

• Atalanta Sosnoff Capital LLC has made a $200,000 investment in Newmont Corporation by acquiring 4,143 shares, emphasizing confidence in the basic materials company.
• Newmont's recent quarterly earnings showcased a 20.8% year-over-year revenue increase to $5.32 billion, and it reported an EPS of $1.43, significantly surpassing analyst expectations.
• The company recently declared a quarterly dividend of $0.25 per share, indicating a stable dividend payout ratio of 17.95% amid its strong financial performance.

Atalanta Sosnoff Capital LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,143 shares of the basic materials company's stock, valued at approximately $200,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SOA Wealth Advisors LLC. increased its stake in Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new stake in shares of Newmont in the 1st quarter worth $26,000. Colonial Trust Advisors grew its stake in shares of 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 acquiring an additional 429 shares in the last quarter. Private Trust Co. NA grew its stake in shares of Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after acquiring an additional 347 shares in the last quarter. Finally, Nexus Investment Management ULC bought a new stake in shares of Newmont in the 1st quarter worth $31,000. Institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the completion of the sale, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. 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 insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Macquarie lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Raymond James Financial boosted their price target on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, Stifel Nicolaus started coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. Four investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $65.15.

Newmont Stock Performance

NYSE NEM traded up $1.26 during trading on Friday, hitting $76.14. 8,676,401 shares of the company's stock traded hands, compared to its average volume of 7,931,247. The stock has a market capitalization of $83.64 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 0.92 and a beta of 0.34. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $77.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The business has a 50 day moving average of $65.61 and a 200-day moving average of $56.00.

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

Newmont Announces Dividend

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 issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.3%. Newmont's dividend payout ratio is 17.95%.

Newmont Company 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.