Bayforest Capital Ltd Purchases 6,439 Shares of Newmont Corporation $NEM

Key Points

• Bayforest Capital Ltd increased its stake in Newmont Corporation by 269.4% during the first quarter, acquiring an additional 6,439 shares to reach a total of 8,829 shares worth $426,000.
• Newmont reported earnings of $1.43 per share for the last quarter, exceeding the consensus estimate of $0.95, with quarterly revenue rising 20.8% year-over-year to $5.32 billion.
• The company announced a quarterly dividend of $0.25 per share, resulting in a 1.3% yield, with shareholders of record receiving the payment on September 29th.

Bayforest Capital Ltd raised its position in Newmont Corporation (NYSE:NEM - Free Report) by 269.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 8,829 shares of the basic materials company's stock after acquiring an additional 6,439 shares during the period. Bayforest Capital Ltd's holdings in Newmont were worth $426,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NEM. SOA Wealth Advisors LLC. lifted its position in Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Newmont in the 1st quarter worth about $26,000. Colonial Trust Advisors lifted its position in shares of Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 429 shares during the period. Private Trust Co. NA boosted its position 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 worth $30,000 after acquiring an additional 347 shares in the last quarter. Finally, Nexus Investment Management ULC bought a new position in Newmont in the first quarter valued at about $31,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Trading Up 0.3%

Shares of Newmont stock opened at $75.96 on Wednesday. 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 stock has a market capitalization of $83.44 billion, a PE ratio of 13.64, a P/E/G ratio of 0.91 and a beta of 0.34. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $77.30. The company's fifty day simple moving average is $66.30 and its 200-day simple moving average is $56.41.

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

Newmont Dividend Announcement

The company 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 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 (DPR) is presently 17.95%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NEM. CIBC set a $74.00 price objective on shares of Newmont and gave the company a "neutral" rating in a report on Tuesday, July 15th. BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Macquarie downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Finally, Stifel Nicolaus began coverage on Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 price objective on the stock. Four research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $65.15.

Insider Buying and Selling at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction 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 represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the sale, the director 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 sold 19,246 shares of company stock worth $1,253,559 over the last 90 days. Company insiders own 0.05% of the company's stock.

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.

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