Newmont Corporation (NYSE:NEM) Shares Acquired by Bearing Point Capital LLC

Key Points

• Bearing Point Capital LLC increased its stake in Newmont Corporation by 7.9%, owning 66,242 shares valued at approximately $3.2 million.
• Newmont's latest earnings report showed an EPS of $1.43, significantly exceeding analysts' expectations of $0.95, with a revenue of $5.32 billion for the quarter.
• The company declared a $0.25 quarterly dividend, representing an annual yield of 1.52%, to be paid on September 29th.

Bearing Point Capital LLC grew its position in Newmont Corporation (NYSE:NEM - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 66,242 shares of the basic materials company's stock after purchasing an additional 4,830 shares during the period. Bearing Point Capital LLC's holdings in Newmont were worth $3,198,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. SOA Wealth Advisors LLC. grew its holdings in shares of 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 acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Newmont during the first quarter valued at $26,000. Private Trust Co. NA grew its stake in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 347 shares in the last quarter. Nexus Investment Management ULC purchased a new stake in shares of Newmont during the 1st quarter worth about $31,000. Finally, Alpine Bank Wealth Management purchased a new stake in shares of Newmont during the 1st quarter worth about $32,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Price Performance

NEM stock traded down $0.67 during midday trading on Wednesday, reaching $63.32. The company had a trading volume of 4,616,723 shares, compared to its average volume of 12,170,419. The company has a market capitalization of $69.55 billion, a P/E ratio of 11.38, a P/E/G ratio of 0.91 and a beta of 0.33. 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 firm has a 50-day moving average price of $57.54 and a 200-day moving average price of $50.89.

Newmont (NYSE:NEM - Get Free Report) last issued 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. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the business earned $0.72 EPS. On average, research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NEM. UBS Group lifted their price target on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. The Goldman Sachs Group restated a "neutral" rating and set a $60.90 price target on shares of Newmont in a research note on Tuesday, July 8th. National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday. Raymond James Financial lifted their price target on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.58.

Insiders Place Their Bets

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the transaction, the director owned 43,103 shares in the company, valued at approximately $2,532,301.25. This represents a 4.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on 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 owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,231 shares of company stock valued at $679,813. 0.05% of the stock is currently owned by insiders.

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.