Empowered Funds LLC Raises Holdings in Newmont Corporation $NEM

Key Points

• Empowered Funds LLC increased its stake in Newmont Corporation by 40.7% during the first quarter, bringing their total shares to 439,378, valued at approximately $21.2 million.
• Newmont's quarterly earnings significantly exceeded expectations with $1.43 earnings per share against a forecast of $0.95, marking a 20.8% increase in year-over-year revenue.
• The company is projected to distribute a quarterly dividend of $0.25 per share, resulting in an annualized dividend of $1.00 and a yield of 1.3%.

Empowered Funds LLC lifted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 40.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 439,378 shares of the basic materials company's stock after acquiring an additional 127,007 shares during the period. Empowered Funds LLC's holdings in Newmont were worth $21,213,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of NEM. SOA Wealth Advisors LLC. grew its stake in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Newmont during the first quarter worth about $26,000. Colonial Trust Advisors lifted its holdings in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares during the period. Private Trust Co. NA lifted its holdings in shares of Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the period. Finally, Nexus Investment Management ULC acquired a new stake in shares of Newmont during the first quarter worth about $31,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the transaction, the director directly owned 38,949 shares of the company's stock, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock valued at $1,253,559 in the last three months. 0.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. CIBC set a $74.00 target price on Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. BNP Paribas downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. UBS Group lifted their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Finally, Stifel Canada raised Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Four investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.15.

Newmont Trading Down 0.4%

Shares of NYSE:NEM opened at $75.84 on Tuesday. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $77.30. The company has a market capitalization of $83.30 billion, a PE ratio of 13.62, a PEG ratio of 0.92 and a beta of 0.33. The business has a 50 day moving average of $65.96 and a two-hundred day moving average of $56.27. 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 (NYSE:NEM - Get Free Report) last announced its quarterly earnings results 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. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the company posted $0.72 earnings per share. Newmont's revenue for the quarter was up 20.8% on a year-over-year basis. As a group, analysts forecast that Newmont Corporation will post 3.45 EPS for the current 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 paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio is presently 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.

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