Counterpoint Mutual Funds LLC Trims Stock Position in Newmont Corporation $NEM

Key Points

• Counterpoint Mutual Funds LLC cut its Newmont stake by 83.2% in the first quarter, leaving it with 5,661 shares worth about $613,000.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, up 45.8% from a year earlier.
• The company also paid a $0.26 quarterly dividend and analysts currently rate the stock a Moderate Buy with an average price target of $139.35.

Counterpoint Mutual Funds LLC lessened its stake in Newmont Corporation (NYSE:NEM - Free Report) by 83.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,661 shares of the basic materials company's stock after selling 27,973 shares during the quarter. Counterpoint Mutual Funds LLC's holdings in Newmont were worth $613,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of NEM. Pinnacle Bancorp Inc. acquired a new position in Newmont in the first quarter valued at approximately $25,000. GoalVest Advisory LLC acquired a new stake in shares of Newmont during the 4th quarter worth approximately $25,000. Swiss RE Ltd. acquired a new stake in shares of Newmont during the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC increased its holdings in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 206 shares in the last quarter. Finally, Lodestone Wealth Management LLC acquired a new position in shares of Newmont in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Transactions at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the sale, the chief executive officer directly owned 142,999 shares in the company, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the sale, the executive vice president owned 46,315 shares of the company's stock, valued at approximately $4,877,895.80. This trade represents a 6.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 25,556 shares of company stock valued at $2,781,006. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Performance

NYSE:NEM opened at $96.95 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The stock has a market capitalization of $103.50 billion, a PE ratio of 12.57, a P/E/G ratio of 1.61 and a beta of 0.46. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The company has a fifty day moving average of $106.12 and a two-hundred day moving average of $110.78.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 earnings per share. As a group, research analysts forecast that Newmont Corporation will post 9.87 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were paid a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.1%. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NEM shares. UBS Group lowered their price target on shares of Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Tuesday. Scotiabank cut their price objective on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a report on Friday, March 20th. BNP Paribas Exane decreased their price objective on shares of Newmont from $128.00 to $111.00 and set a "neutral" rating for the company in a research report on Thursday, June 18th. Royal Bank Of Canada lowered their target price on shares of Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 3rd. Finally, Argus raised their target price on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and an average price target of $139.35.

Newmont Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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