Greenfield Seitz Capital Management LLC Sells 10,979 Shares of Newmont Corporation $NEM

Key Points

• Greenfield Seitz Capital Management LLC cut its Newmont stake by 22.4%, selling 10,979 shares and now holds 38,094 shares valued at about $3.21 million; institutional investors own roughly 68.85% of NEM.
• Newmont reported a strong quarter—$2.52 EPS vs. $1.81 expected and $6.82B revenue (up 20.6% YoY), raised its quarterly dividend to $0.26 ($1.04 annualized), and has seen analyst price-target upgrades with an average target near $134.15 and a consensus "Buy."

Greenfield Seitz Capital Management LLC decreased its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 22.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,094 shares of the basic materials company's stock after selling 10,979 shares during the quarter. Greenfield Seitz Capital Management LLC's holdings in Newmont were worth $3,212,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of NEM. Physician Wealth Advisors Inc. lifted its holdings in shares of Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock worth $26,000 after acquiring an additional 236 shares during the last quarter. JPL Wealth Management LLC bought a new position in Newmont during the 3rd quarter valued at about $27,000. Harbor Capital Advisors Inc. grew its holdings in Newmont by 53.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 139 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in Newmont in the 3rd quarter worth about $44,000. Finally, Capital A Wealth Management LLC lifted its stake in Newmont by 1,648.3% in the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company's stock worth $30,000 after purchasing an additional 478 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

Newmont Stock Up 0.7%

Shares of Newmont stock opened at $110.97 on Wednesday. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. The company has a market cap of $120.72 billion, a P/E ratio of 17.37, a PEG ratio of 0.85 and a beta of 0.39. The firm's 50 day moving average price is $118.89 and its 200-day moving average price is $99.20. Newmont Corporation has a 52-week low of $42.93 and a 52-week high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping analysts' consensus estimates of $1.81 by $0.71. The firm had revenue of $6.82 billion during the quarter, compared to analysts' expectations of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The business's quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 EPS. On average, sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be issued a $0.26 dividend. This is a boost from Newmont's previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, March 3rd. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont's dividend payout ratio is currently 16.28%.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research analyst reports. Stifel Nicolaus raised their price target on Newmont from $120.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, February 10th. Scotiabank upped their price objective on Newmont from $114.00 to $152.00 and gave the company an "outperform" rating in a research report on Monday, January 26th. BNP Paribas Exane increased their target price on Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a research note on Monday, March 2nd. National Bank Financial lifted their target price on Newmont from $120.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 4th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Newmont in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $134.15.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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