Highland Capital Management LLC Boosts Stake in Newmont Corporation $NEM

Key Points

• Highland Capital Management LLC increased its holdings in Newmont Corporation by 82.1% in the second quarter, owning 162,721 shares worth approximately $9.48 million at the end of the quarter.
• Newmont announced a quarterly dividend of $0.25 per share, with the dividend yield currently at 1.2% and a payout ratio of 17.95%.
• Analysts have mixed ratings for Newmont, with a consensus rating of "Moderate Buy" and an average price target of $74.18, indicating potential upside.

Highland Capital Management LLC boosted its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 82.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 162,721 shares of the basic materials company's stock after purchasing an additional 73,364 shares during the period. Highland Capital Management LLC's holdings in Newmont were worth $9,480,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Generate Investment Management Ltd raised its stake in Newmont by 25.9% during the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company's stock worth $22,079,000 after acquiring an additional 77,865 shares during the period. Bessemer Group Inc. increased its stake in shares of Newmont by 13.2% in the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after purchasing an additional 1,379 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Newmont during the 1st quarter valued at $423,000. Spire Wealth Management lifted its stake 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 valued at $114,000 after buying an additional 1,309 shares in the last quarter. Finally, Bayforest Capital Ltd boosted its holdings in Newmont by 269.4% in the 1st quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company's stock worth $426,000 after buying an additional 6,439 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. BNP Paribas Exane lifted their target price on Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a research note on Monday, September 15th. Stifel Nicolaus started coverage on Newmont in a research note on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target for the company. CIBC increased their price objective on shares of Newmont from $74.00 to $78.00 and gave the company a "neutral" rating in a report on Friday, September 12th. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $74.18.

Newmont Trading Up 0.5%

NEM stock opened at $86.86 on Friday. The firm has a fifty day moving average price of $74.37 and a 200 day moving average price of $61.17. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $87.93. The firm has a market cap of $95.41 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 0.97 and a beta of 0.34. 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 released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating the consensus estimate 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 quarter last year, the business earned $0.72 earnings per share. Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. Sell-side 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 was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director directly owned 36,869 shares of the company's stock, valued at $3,133,496.31. This trade represents a 5.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value 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 approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,249 shares of company stock worth $1,132,065 over the last ninety days. Company insiders own 0.05% of the company's stock.

Newmont Company 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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