Hourglass Capital LLC Decreases Stake in Newmont Corporation (NYSE:NEM)

Hourglass Capital LLC reduced its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 6.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 212,915 shares of the basic materials company's stock after selling 14,125 shares during the period. Newmont comprises approximately 2.7% of Hourglass Capital LLC's portfolio, making the stock its 2nd biggest holding. Hourglass Capital LLC's holdings in Newmont were worth $10,280,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after purchasing an additional 1,847 shares in the last quarter. Assetmark Inc. grew its stake in shares of Newmont by 185.9% in the fourth quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company's stock worth $47,000 after acquiring an additional 820 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Newmont in the fourth quarter worth approximately $3,956,000. Raymond James Financial Inc. bought a new stake in shares of Newmont in the fourth quarter worth approximately $35,117,000. Finally, Callan Family Office LLC purchased a new position in shares of Newmont in the fourth quarter worth approximately $481,000. Institutional investors own 68.85% of the company's stock.

Newmont Price Performance

Shares of NYSE NEM opened at $60.13 on Tuesday. The stock has a market capitalization of $66.92 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 0.79 and a beta of 0.33. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $60.31. The firm's 50 day simple moving average is $54.79 and its 200-day simple moving average is $48.48. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.98 and a quick ratio of 1.70.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.54. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The business had revenue of $5.01 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter last year, the company earned $0.55 EPS. Analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.66%. The ex-dividend date was Tuesday, May 27th. Newmont's dividend payout ratio is currently 22.42%.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $51.48, for a total value of $106,923.96. Following the completion of the sale, the director owned 47,257 shares in the company, valued at $2,432,790.36. The trade was a 4.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president directly owned 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,231 shares of company stock valued at $679,813. Corporate insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on NEM shares. Royal Bank Of Canada lifted their price target on shares of Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. National Bankshares reissued a "sector perform" rating on shares of Newmont in a report on Tuesday, June 24th. UBS Group boosted their price target on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Argus set a $63.00 price target on shares of Newmont in a research report on Friday, April 25th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and an average target price of $59.11.

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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