Gamco Investors INC. ET AL Purchases 24,602 Shares of Newmont Corporation $NEM

Key Points

• Gamco Investors INC. increased its stake in Newmont Corporation by 4.3%, acquiring an additional 24,602 shares, bringing its total holdings to 602,436 shares valued at $29 million.
• Several institutional investors, including Caisse DE Depot ET Placement DU Quebec, significantly raised their positions in Newmont during the first quarter, contributing to institutional ownership of 68.85% in the company.
• Newmont reported a 20.8% increase in quarterly revenue year-over-year, achieving $5.32 billion, and exceeding analyst expectations, with an earnings per share (EPS) of $1.43 compared to the consensus estimate of $0.95.

Gamco Investors INC. ET AL grew its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 4.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 602,436 shares of the basic materials company's stock after buying an additional 24,602 shares during the quarter. Gamco Investors INC. ET AL owned 0.05% of Newmont worth $29,086,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in NEM. Gabelli Funds LLC lifted its holdings in Newmont by 3.2% during the first quarter. Gabelli Funds LLC now owns 2,893,587 shares of the basic materials company's stock valued at $139,702,000 after purchasing an additional 89,000 shares in the last quarter. Harvest Portfolios Group Inc. increased its holdings in shares of Newmont by 6.7% in the 1st quarter. Harvest Portfolios Group Inc. now owns 11,605 shares of the basic materials company's stock valued at $560,000 after purchasing an additional 731 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Newmont by 1,074.8% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company's stock valued at $116,416,000 after acquiring an additional 2,206,017 shares in the last quarter. Comerica Bank lifted its position in Newmont by 8.0% during the first quarter. Comerica Bank now owns 158,767 shares of the basic materials company's stock valued at $7,665,000 after buying an additional 11,823 shares in the last quarter. Finally, Synovus Financial Corp lifted its position in shares of Newmont by 3.4% in the 1st quarter. Synovus Financial Corp now owns 16,141 shares of the basic materials company's stock worth $779,000 after buying an additional 533 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NEM shares. Raymond James Financial boosted their target price on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. CIBC set a $74.00 price objective on Newmont and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. UBS Group raised their price objective on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Finally, Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.58.

Newmont Price Performance

NEM opened at $71.16 on Tuesday. The stock has a market capitalization of $78.17 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30. The stock's 50 day moving average price is $62.72 and its 200-day moving average price is $54.33. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $71.75. 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 (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the company earned $0.72 EPS. On average, equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend 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%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated 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 $3,739,133.76. This represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was 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 directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,246 shares of company stock valued at $1,373,251. 0.05% of the stock is owned by corporate insiders.

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.

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