Drum Hill Capital LLC Raises Stake in Newmont Corporation (NYSE:NEM)

Drum Hill Capital LLC raised its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 52.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,523 shares of the basic materials company's stock after buying an additional 27,564 shares during the quarter. Newmont comprises 4.5% of Drum Hill Capital LLC's investment portfolio, making the stock its 9th largest holding. Drum Hill Capital LLC's holdings in Newmont were worth $3,888,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of Newmont by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company's stock worth $919,484,000 after acquiring an additional 1,213,397 shares during the period. Norges Bank acquired a new position in Newmont in the fourth quarter worth about $626,074,000. Northern Trust Corp lifted its stake in Newmont by 11.5% during the fourth quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock worth $474,263,000 after purchasing an additional 1,309,177 shares during the period. Amundi lifted its stake in Newmont by 14.0% during the fourth quarter. Amundi now owns 12,302,579 shares of the basic materials company's stock worth $481,400,000 after purchasing an additional 1,507,708 shares during the period. Finally, Invesco Ltd. boosted its holdings in Newmont by 23.9% during the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after purchasing an additional 2,028,150 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Stock Up 2.1%

NYSE NEM opened at $60.04 on Thursday. The stock has a market capitalization of $66.82 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $60.31. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.70 and a current ratio of 1.98. The stock has a fifty day moving average of $54.47 and a 200-day moving average of $47.90.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.54. The business had revenue of $5.01 billion for the quarter, compared to analysts' expectations of $4.82 billion. Newmont had a return on equity of 15.75% and a net margin of 25.77%. During the same quarter last year, the business earned $0.55 earnings per share. On average, equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Tuesday, May 27th. Newmont's dividend payout ratio is 22.42%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on NEM shares. Cfra Research upgraded Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Argus set a $63.00 target price on shares of Newmont in a report on Friday, April 25th. Scotiabank reissued a "sector perform" rating on shares of Newmont in a report on Monday, April 14th. Royal Bank Of Canada upped their price objective on shares of Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Finally, UBS Group raised shares of Newmont from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $50.00 to $60.00 in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $58.38.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 completion of the sale, the executive vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $112,344.93. Following the completion of the transaction, the director directly owned 45,180 shares in the company, valued at $2,443,786.20. The trade was a 4.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,154 shares of company stock valued at $381,539. 0.05% of the stock is currently owned by insiders.

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.

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