Cheviot Value Management LLC Purchases 24,391 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• Cheviot Value Management LLC increased its holdings in Newmont Corporation by 7.2%, acquiring an additional 24,391 shares, bringing their total to 361,490 shares valued at $19,173,000.
• Newmont reported quarterly earnings of $1.43 per share, significantly exceeding the consensus estimate of $0.95, with revenue reaching $5.32 billion, up 20.8% year-over-year.
• The company recently announced a quarterly dividend of $0.25 per share, which equates to an annual yield of 1.6% and a dividend payout ratio of 17.95%.

Cheviot Value Management LLC raised its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 7.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 361,490 shares of the basic materials company's stock after buying an additional 24,391 shares during the quarter. Newmont makes up approximately 2.3% of Cheviot Value Management LLC's holdings, making the stock its 14th largest holding. Cheviot Value Management LLC's holdings in Newmont were worth $19,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. SOA Wealth Advisors LLC. increased its stake 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 worth $25,000 after purchasing an additional 201 shares during the last quarter. Cloud Capital Management LLC purchased a new position in shares of Newmont during the first quarter valued at approximately $26,000. Private Trust Co. NA boosted its holdings 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 acquiring an additional 347 shares during the last quarter. Nexus Investment Management ULC purchased a new stake in shares of Newmont during the first quarter worth about $31,000. Finally, Alpine Bank Wealth Management purchased a new position in shares of Newmont during the first quarter valued at approximately $32,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Up 1.7%

NYSE:NEM traded up $1.12 during midday trading on Tuesday, hitting $66.54. 3,556,160 shares of the company were exchanged, compared to its average volume of 12,101,364. The company has a fifty day simple moving average of $58.33 and a 200 day simple moving average of $51.58. The company has a market capitalization of $73.10 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 0.76 and a beta of 0.30. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $67.34.

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

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid 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 1.5%. Newmont's dividend payout ratio (DPR) is 17.95%.

Analysts Set New Price Targets

Several research firms have recently commented on NEM. 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, July 28th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 price objective on shares of Newmont in a research note on Tuesday, July 8th. Cfra Research raised Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, CIBC set a $74.00 price objective on Newmont and gave the company a "neutral" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $64.58.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $176,250.00. Following the transaction, the executive vice president owned 74,526 shares in the company, valued at $4,378,402.50. This represents a 3.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the sale, the director directly owned 43,103 shares of the company's stock, valued at $2,532,301.25. This represents a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,154 shares of company stock valued at $572,889. 0.05% of the stock is owned by insiders.

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.