Gotham Asset Management LLC Has $31.36 Million Stock Position in Newmont Corporation $NEM

Key Points

• Gotham Asset Management LLC significantly increased its stake in Newmont Corporation by 91.3%, owning 649,497 shares valued at approximately $31.36 million as of the latest SEC filing.
• Newmont has seen a strong interest from other hedge funds, with firms like Edmond DE Rothschild Holding S.A. and AQR Capital Management LLC also boosting their positions significantly.
• The company announced a quarterly dividend of $0.25 per share, representing an annualized yield of 1.3% and reflecting a payout ratio of 17.95%.

Gotham Asset Management LLC raised its stake in Newmont Corporation (NYSE:NEM - Free Report) by 91.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 649,497 shares of the basic materials company's stock after acquiring an additional 309,955 shares during the quarter. Newmont comprises approximately 0.3% of Gotham Asset Management LLC's investment portfolio, making the stock its 20th biggest holding. Gotham Asset Management LLC owned approximately 0.06% of Newmont worth $31,358,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. lifted 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 valued at $25,000 after acquiring an additional 201 shares during the period. Cloud Capital Management LLC acquired a new position in shares of Newmont during the first quarter valued at $26,000. Colonial Trust Advisors lifted its stake 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 valued at $27,000 after acquiring an additional 429 shares during the period. Private Trust Co. NA lifted its stake 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 valued at $30,000 after acquiring an additional 347 shares during the period. Finally, Nexus Investment Management ULC acquired a new position in shares of Newmont during the first quarter valued at $31,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Stifel Canada raised Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Stifel Nicolaus assumed coverage on Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target on the stock. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Finally, BNP Paribas downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday. Four equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $65.15.

Newmont Trading Up 1.7%

Newmont stock traded up $1.26 during midday trading on Friday, hitting $76.14. 8,676,401 shares of the stock were exchanged, compared to its average volume of 7,911,651. The company has a fifty day simple moving average of $65.61 and a two-hundred day simple moving average of $56.06. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $77.30. The stock has a market capitalization of $83.64 billion, a PE ratio of 13.67, a P/E/G ratio of 0.92 and a beta of 0.33. The company has a quick ratio of 1.91, a current ratio of 2.23 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, 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 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 prior year, the company earned $0.72 earnings per share. The company's revenue for the quarter was up 20.8% compared to the same quarter last year. Equities research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

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 issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated 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 sale, the director directly owned 38,949 shares in the company, valued at $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,246 shares of company stock worth $1,253,559 over the last ninety days. 0.05% of the stock is currently owned by corporate insiders.

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.