Hourglass Capital LLC Has $10.82 Million Stake in Newmont Corporation $NEM

Key Points

• Hourglass Capital LLC reduced its stake in Newmont Corporation by 12.8%, retaining ownership of 185,750 shares valued at approximately $10.82 million.
• Newmont reported $1.43 earnings per share for the last quarter, surpassing analysts' expectations and showing a year-over-year revenue increase of 20.8%.
• The company recently announced a quarterly dividend of $0.25, yielding 1.1%, with a payout ratio of 17.95%.

Hourglass Capital LLC lessened its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 12.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 185,750 shares of the basic materials company's stock after selling 27,165 shares during the quarter. Newmont makes up 2.7% of Hourglass Capital LLC's portfolio, making the stock its 4th biggest position. Hourglass Capital LLC's holdings in Newmont were worth $10,822,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cloud Capital Management LLC bought a new position in shares of Newmont during the first quarter valued at approximately $26,000. Colonial Trust Advisors grew its stake in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares during the period. Concord Wealth Partners grew its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after purchasing an additional 385 shares during the period. Private Trust Co. NA grew its stake in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the period. Finally, Alpine Bank Wealth Management purchased a new stake in Newmont in the first quarter worth $32,000. Institutional investors own 68.85% of the company's stock.

Newmont Trading Up 3.3%

Newmont stock opened at $93.49 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a one year low of $36.86 and a one year high of $93.93. The stock has a market capitalization of $102.70 billion, a PE ratio of 16.78, a price-to-earnings-growth ratio of 0.99 and a beta of 0.34. The business's fifty day moving average is $78.22 and its 200 day moving average is $63.33.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the company earned $0.72 earnings per share. Newmont's revenue was up 20.8% on a year-over-year basis. On average, sell-side analysts predict 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 Monday, September 29th. Shareholders of record on Thursday, September 4th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Newmont's dividend payout ratio is currently 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 dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the transaction, the director owned 36,869 shares of the company's stock, valued at $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value 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 trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NEM has been the topic of several recent research reports. National Bankshares reaffirmed an "outperform" rating on shares of Newmont in a research note on Monday, September 22nd. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Raymond James Financial set a $96.00 target price on Newmont in a research note on Friday, October 10th. Finally, Stifel Canada raised Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Four investment analysts have rated the stock with a Strong Buy rating, eleven 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 $84.66.

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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