Encompass More Asset Management Has $2.12 Million Stake in Newmont Corporation (NYSE:NEM)

Key Points

• Encompass More Asset Management increased its stake in Newmont Corporation by 17.0% during the first quarter, now holding 43,860 shares worth $2.12 million.
• Insider transactions at Newmont include EVP Peter Toth selling 3,000 shares and Director Bruce R. Brook selling 2,077 shares, indicating a decrease in their positions.
• Newmont Corporation reported a quarterly earnings of $1.43 per share, exceeding analyst expectations and reflecting a 20.8% year-over-year revenue increase.

Encompass More Asset Management boosted its position in Newmont Corporation (NYSE:NEM - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,860 shares of the basic materials company's stock after acquiring an additional 6,359 shares during the quarter. Encompass More Asset Management's holdings in Newmont were worth $2,118,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its stake in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after purchasing an additional 1,379 shares during the period. First Trust Advisors LP boosted its position in shares of Newmont by 9.9% in the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock worth $3,575,000 after buying an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Newmont in the 1st quarter valued at about $423,000. Spire Wealth Management lifted its holdings in Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in Newmont in the 1st quarter valued at about $202,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Activity at Newmont

In related news, 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 value of $162,270.00. Following the sale, the executive vice president owned 77,526 shares of the company's stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $132,221.82. Following the sale, the director owned 41,026 shares in the company, valued at $2,611,715.16. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,231 shares of company stock worth $896,091. Company insiders own 0.05% of the company's stock.

Newmont Stock Up 1.5%

Shares of Newmont stock traded up $1.02 during trading on Thursday, hitting $68.94. 9,167,264 shares of the stock traded hands, compared to its average volume of 12,880,928. The stock has a market cap of $75.73 billion, a P/E ratio of 12.38, a PEG ratio of 0.83 and a beta of 0.30. 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 Corporation has a twelve month low of $36.86 and a twelve month high of $69.31. The company has a fifty day moving average price of $59.25 and a two-hundred day moving average price of $51.99.

Newmont (NYSE:NEM - Get Free Report) last posted its 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. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period in the previous year, the company earned $0.72 EPS. The company's revenue for the quarter was up 20.8% on a year-over-year basis. Equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm 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 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Analyst Upgrades and Downgrades

NEM has been the topic of several recent analyst reports. 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. Stifel Nicolaus initiated coverage on Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 price objective on the stock. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Finally, Royal Bank Of Canada raised their price objective on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.