Foyston Gordon & Payne Inc Acquires New Position in Newmont Corporation (NYSE:NEM)

Key Points

• Foyston Gordon & Payne Inc has acquired a new position in Newmont Corporation, purchasing 18,900 shares valued at approximately $912,000.
• Several analysts have upgraded their ratings for Newmont, with UBS Group raising the price target from $60 to $68 and Stifel Nicolaus setting a target of $73.
• Newmont Corporation announced a quarterly dividend of $0.25 per share, which will be paid on September 29th, representing a 1.4% dividend yield.

Foyston Gordon & Payne Inc bought a new position in Newmont Corporation (NYSE:NEM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 18,900 shares of the basic materials company's stock, valued at approximately $912,000.

Several other large investors have also bought and sold shares of NEM. Bessemer Group Inc. boosted its stake in Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock valued at $569,000 after purchasing an additional 1,379 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Newmont by 9.9% during the fourth quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after purchasing an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Newmont during the first quarter valued at $423,000. Spire Wealth Management increased 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 worth $114,000 after buying an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in Newmont in the 1st quarter worth about $202,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on NEM shares. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. UBS Group increased their price objective on shares of Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Raymond James Financial lifted their target price on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Stifel Nicolaus initiated coverage on shares of Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 target price for the company. Finally, BMO Capital Markets restated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $64.58.

Insider Activity

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the transaction, the director directly owned 41,026 shares of the company's stock, valued at $2,611,715.16. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,246 shares of company stock worth $1,373,251 over the last quarter. Insiders own 0.05% of the company's stock.

Newmont Stock Performance

Shares of NYSE NEM opened at $69.32 on Friday. The stock has a market cap of $76.14 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 0.82 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The firm has a fifty day moving average price of $61.00 and a 200-day moving average price of $53.19. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $70.29.

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, topping 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 firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. The business's quarterly revenue was up 20.8% compared to the same quarter last year. Equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.4%. Newmont's dividend payout ratio (DPR) is presently 17.95%.

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.

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