CCM Investment Group LLC Acquires New Position in Newmont Corporation (NYSE:NEM)

Key Points

• CCM Investment Group LLC has acquired a new stake in Newmont Corporation, purchasing 70,628 shares valued at approximately $3.4 million during the first quarter.
• Newmont reported a strong quarterly earnings result, with an EPS of $1.43 compared to estimates of $0.95, and a revenue of $5.32 billion, marking a 20.8% increase year-over-year.
• The company declared a quarterly dividend of $0.25 per share, yielding 1.5%, with dividends to be paid on September 29th to investors of record on September 4th.

CCM Investment Group LLC acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 70,628 shares of the basic materials company's stock, valued at approximately $3,396,000.

Other large investors have also bought and sold shares of the company. Hemington Wealth Management increased its position in shares of Newmont by 25.2% during the first quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock worth $46,000 after acquiring an additional 194 shares in the last quarter. Ipswich Investment Management Co. Inc. increased its position in shares of Newmont by 1.4% during the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock worth $689,000 after acquiring an additional 200 shares in the last quarter. SOA Wealth Advisors LLC. increased its position 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 worth $25,000 after acquiring an additional 201 shares in the last quarter. Rothschild Investment LLC increased its position in shares of Newmont by 8.5% during the first quarter. Rothschild Investment LLC now owns 2,786 shares of the basic materials company's stock worth $135,000 after acquiring an additional 219 shares in the last quarter. Finally, Twin Capital Management Inc. increased its position in shares of Newmont by 0.7% during the first quarter. Twin Capital Management Inc. now owns 38,798 shares of the basic materials company's stock worth $1,873,000 after acquiring an additional 254 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Price Performance

NYSE:NEM opened at $68.96 on Friday. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.29. The firm has a market cap of $75.75 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 0.84 and a beta of 0.30. The firm's 50-day simple moving average is $59.58 and its 200 day simple moving average is $52.25. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors 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 yield of 1.5%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,077 shares of the firm'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 $132,221.82. Following the transaction, the director directly owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 approximately $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. Over the last three months, insiders have sold 22,246 shares of company stock valued at $1,373,251. 0.05% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

NEM has been the subject of several research reports. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Scotiabank raised their target price on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Monday, July 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. CIBC set a $74.00 target price on shares of Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Finally, Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

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.

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