Flputnam Investment Management Co. Trims Stake in Newmont Corporation $NEM

Key Points

• Flputnam Investment Management Co. decreased its position in Newmont Corporation by 48.8% in the first quarter, holding 8,554 shares valued at $413,000 after selling 8,151 shares.
• Multiple institutional investors increased their stakes in Newmont, with SOA Wealth Advisors raising its holdings by 64.0% and Colonial Trust Advisors by 315.4% during the same period.
• Newmont recently reported $1.43 earnings per share, exceeding estimates, with year-over-year revenue growth of 20.8% and announcing a quarterly dividend of $0.25 per share.

Flputnam Investment Management Co. lowered its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 48.8% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 8,554 shares of the basic materials company's stock after selling 8,151 shares during the period. Flputnam Investment Management Co.'s holdings in Newmont were worth $413,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position 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 buying an additional 1,379 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Newmont during the 1st quarter worth approximately $423,000. Spire Wealth Management lifted its position in shares of Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after buying an additional 1,309 shares in the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Newmont during the 1st quarter worth approximately $202,000. Finally, Two Sigma Investments LP lifted its position in shares of Newmont by 51.9% during the 4th quarter. Two Sigma Investments LP now owns 1,808,687 shares of the basic materials company's stock worth $67,319,000 after buying an additional 618,366 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Scotiabank lifted their target price on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Stifel Nicolaus started coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. Finally, Raymond James Financial lifted their price target on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Four research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $65.15.

Newmont Stock Performance

Shares of NYSE:NEM traded down $0.05 during mid-day trading on Monday, reaching $76.12. The company had a trading volume of 4,043,195 shares, compared to its average volume of 11,624,723. 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 firm has a market cap of $83.62 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 0.92 and a beta of 0.33. The company's 50-day moving average price is $65.61 and its 200-day moving average price is $56.06. Newmont Corporation has a one year low of $36.86 and a one year high of $77.30.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred 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 in the company, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of Newmont 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 completion of the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,246 shares of company stock worth $1,253,559. Corporate insiders own 0.05% of the company's stock.

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.