City Center Advisors LLC Purchases Shares of 6,321 Newmont Corporation $NEM

Key Points

• City Center Advisors LLC has acquired a new stake in Newmont Corporation, investing approximately $368,000 for 6,321 shares.
• Newmont's recent earnings show an EPS of $1.43, exceeding estimates by $0.48, with a quarterly revenue increase of 20.8% year-over-year.
• The company declared a quarterly dividend of $0.25 per share, set to be paid on September 29th, providing a 1.3% yield.

City Center Advisors LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,321 shares of the basic materials company's stock, valued at approximately $368,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. raised its stake in Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after purchasing an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Newmont in the 1st quarter valued at approximately $423,000. Spire Wealth Management increased its holdings in shares of Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after buying an additional 1,309 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Newmont during the 1st quarter valued at approximately $202,000. Finally, Bayforest Capital Ltd lifted its holdings in Newmont by 269.4% in the first quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company's stock valued at $426,000 after acquiring an additional 6,439 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director owned 38,949 shares of the company's stock, valued at $2,905,205.91. This trade represents a 5.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,246 shares of company stock worth $1,253,559. 0.05% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NEM has been the subject of several analyst reports. Scotiabank increased their price objective on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Raymond James Financial increased their price target on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. UBS Group raised their price objective on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Stifel Nicolaus started coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price on the stock. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $67.38.

Newmont Stock Up 0.2%

NEM traded up $0.15 during trading hours on Monday, hitting $79.40. 12,126,511 shares of the company's stock were exchanged, compared to its average volume of 8,585,552. 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 12-month low of $36.86 and a 12-month high of $80.07. The firm has a market cap of $87.22 billion, a P/E ratio of 14.25, a price-to-earnings-growth ratio of 0.95 and a beta of 0.33. The firm has a 50 day moving average of $67.84 and a 200 day moving average of $57.51.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly 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. The business had revenue of $5.32 billion during 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 quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared 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 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 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.