Element Capital Management LLC Makes New Investment 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 bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 57,586 shares of the basic materials company's stock, valued at approximately $2,780,000. Newmont accounts for about 0.7% of Element Capital Management LLC's holdings, making the stock its 25th largest position.

Several other large investors have also recently added to or reduced their stakes in the business. Aberdeen Group plc increased its stake in Newmont by 21.6% during the 1st quarter. Aberdeen Group plc now owns 1,922,254 shares of the basic materials company's stock worth $92,259,000 after buying an additional 340,837 shares during the period. Liontrust Investment Partners LLP increased its stake in Newmont by 24.8% during the 1st quarter. Liontrust Investment Partners LLP now owns 313,496 shares of the basic materials company's stock worth $15,136,000 after buying an additional 62,257 shares during the period. Dimensional Fund Advisors LP increased its stake in Newmont by 15.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company's stock worth $423,572,000 after buying an additional 1,201,237 shares during the period. Horizon Investments LLC increased its stake in Newmont by 3.7% during the 1st quarter. Horizon Investments LLC now owns 20,630 shares of the basic materials company's stock worth $996,000 after buying an additional 745 shares during the period. Finally, Fox Run Management L.L.C. increased its stake in Newmont by 55.2% during the 1st quarter. Fox Run Management L.L.C. now owns 26,258 shares of the basic materials company's stock worth $1,268,000 after buying an additional 9,338 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president directly owned 77,526 shares in the company, valued at approximately $4,193,381.34. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $132,221.82. Following the transaction, the director owned 41,026 shares in the company, valued at approximately $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,246 shares of company stock worth $1,373,251. Insiders own 0.05% of the company's stock.

Newmont Stock Up 2.3%

NYSE:NEM traded up $1.5670 during midday trading on Wednesday, hitting $68.9470. 7,635,217 shares of the company were exchanged, compared to its average volume of 10,390,090. The company has a fifty day simple moving average of $61.92 and a 200 day simple moving average of $53.65. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $70.29. 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 has a market capitalization of $75.73 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.80 and a beta of 0.30.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the business earned $0.72 EPS. Newmont's revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.5%. Newmont's dividend payout ratio (DPR) is 17.95%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Stifel Canada raised Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Cfra Research raised Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Raymond James Financial boosted their price objective on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, UBS Group boosted their price objective on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Four analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.