Cypress Capital Group Takes Position in Newmont Corporation (NYSE:NEM)

Key Points

• Cypress Capital Group has acquired a new stake in Newmont Corporation, purchasing 45,590 shares valued at approximately $2.2 million in the first quarter.
• Newmont reported earnings of $1.43 per share for the quarter, surpassing estimates of $0.95, with revenues reaching $5.32 billion, up 20.8% year-over-year.
• The company announced a quarterly dividend of $0.25 per share, scheduled for payment on September 29th, representing a 1.5% yield based on an annualized rate of $1.00.

Cypress Capital Group bought a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 45,590 shares of the basic materials company's stock, valued at approximately $2,201,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. grew its holdings in Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after acquiring an additional 1,379 shares in the last quarter. First Trust Advisors LP raised its stake in Newmont by 9.9% during the fourth quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after buying an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Newmont during the 1st quarter worth approximately $423,000. Spire Wealth Management grew its position in shares of Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after acquiring an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Newmont in the 1st quarter valued at approximately $202,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the firm'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 transaction of $162,270.00. Following the sale, the executive vice president owned 77,526 shares of the company's stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,246 shares of company stock worth $1,373,251. Corporate insiders own 0.05% of the company's stock.

Newmont Price Performance

NYSE:NEM traded up $0.04 during midday trading on Tuesday, hitting $68.91. 5,880,427 shares of the stock were exchanged, compared to its average volume of 12,847,742. The company has a market capitalization of $75.69 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 0.81 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 one year low of $36.86 and a one year high of $70.29. The business has a 50-day moving average price of $60.11 and a two-hundred day moving average price of $52.62.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data 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 return on equity of 17.86% and a net margin of 30.50%. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the business earned $0.72 EPS. The company's quarterly revenue was up 20.8% compared to the same quarter last year. Sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The firm 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. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. Newmont's dividend payout ratio (DPR) is 17.95%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. CIBC set a $74.00 price target on shares of Newmont and gave the company a "neutral" rating in a report on Tuesday, July 15th. Royal Bank Of Canada raised their target price on shares of Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. Finally, Scotiabank raised their price target on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Monday, July 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.