Element Capital Management LLC Invests $2.78 Million in Newmont Corporation $NEM

Key Points

• Element Capital Management LLC has purchased a new position in Newmont Corporation, acquiring 57,586 shares valued at approximately $2,780,000, making it the 25th largest position in their portfolio.
• Newmont recently declared a quarterly dividend of $0.25 per share, with an annualized dividend amount of $1.00 and a yield of 1.5% scheduled for payment on September 29th.
• Analysts have given Newmont Corporation a consensus rating of "Moderate Buy" with an average target price of $64.58, reflecting a positive outlook on its financial performance.

Element Capital Management LLC purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 57,586 shares of the basic materials company's stock, valued at approximately $2,780,000. Newmont makes up about 0.7% of Element Capital Management LLC's investment portfolio, making the stock its 25th biggest holding.

Other large investors have also modified their holdings of the company. Nuveen LLC bought a new position in shares of Newmont during the 1st quarter worth about $306,507,000. Pacer Advisors Inc. lifted its stake in shares of Newmont by 4,203.5% during 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 acquiring an additional 5,251,616 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Newmont during the fourth quarter worth approximately $92,693,000. Capital Research Global Investors lifted its stake in Newmont by 70.7% in 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 buying an additional 2,338,953 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Newmont in the fourth quarter worth $75,435,000. 68.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's 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 transaction, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,246 shares of company stock worth $1,373,251. 0.05% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Cfra Research raised shares of Newmont to a "strong-buy" rating in a research report on Friday, April 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $60.90 price target on shares of Newmont in a report on Tuesday, July 8th. Raymond James Financial boosted their target price on Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, CIBC set a $74.00 price objective on shares of Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Four research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average target price of $64.58.

Newmont Stock Down 2.4%

Shares of NEM traded down $1.6540 during midday trading on Tuesday, reaching $67.3460. 7,766,088 shares of the stock were exchanged, compared to its average volume of 11,876,113. The company has a market capitalization of $73.98 billion, a P/E ratio of 12.09, a PEG ratio of 0.82 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. The company's 50 day moving average is $61.31 and its two-hundred day moving average is $53.44. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.29.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion for 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%. Newmont's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. On average, sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current 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 paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is currently 17.95%.

Newmont Company 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.