Drive Wealth Management LLC Makes New $255,000 Investment in Newmont Corporation (NYSE:NEM)

Key Points

• Drive Wealth Management LLC has purchased a new stake of 5,277 shares in Newmont Corporation, worth approximately $255,000, indicating increased interest from institutional investors in the company.
• Newmont's recent quarterly earnings showed an EPS of $1.43, significantly beating analysts' expectations, alongside a revenue of $5.32 billion, which is a 20.8% increase year-over-year.
• The company has announced a quarterly dividend of $0.25 per share, which results in an annualized yield of 1.52%, with a dividend payout ratio of 22.42%.

Drive Wealth Management LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,277 shares of the basic materials company's stock, valued at approximately $255,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Newmont during the 4th quarter worth about $626,074,000. Pacer Advisors Inc. raised its holdings in Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock valued at $259,580,000 after buying an additional 5,251,616 shares during the period. Voloridge Investment Management LLC purchased a new position in Newmont in the fourth quarter valued at approximately $92,693,000. Capital Research Global Investors raised its stake in shares of Newmont by 70.7% during the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock valued at $210,105,000 after purchasing an additional 2,338,953 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Newmont during the fourth quarter valued at approximately $76,281,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Down 1.4%

Shares of NYSE NEM traded down $0.91 during trading hours on Wednesday, hitting $63.08. The stock had a trading volume of 3,784,362 shares, compared to its average volume of 12,158,643. The company has a market capitalization of $69.29 billion, a P/E ratio of 11.31, a P/E/G ratio of 0.91 and a beta of 0.33. The firm's 50-day moving average price is $57.54 and its two-hundred day moving average price is $50.89. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $66.57. 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 data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%. Newmont's quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.72 earnings per share. Analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

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 given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is 17.95%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on NEM shares. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. UBS Group raised their price target on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Argus set a $63.00 price target on shares of Newmont in a research report on Friday, April 25th. CIBC set a $74.00 price target on shares of Newmont and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Finally, Scotiabank raised their price target on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $64.58.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $176,250.00. Following the sale, the executive vice president directly owned 74,526 shares in the company, valued at $4,378,402.50. This represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the sale, the director owned 43,103 shares in the company, valued at $2,532,301.25. This trade represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,231 shares of company stock worth $679,813 over the last quarter. Company insiders own 0.05% of the company's stock.

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.