Inspire Advisors LLC Reduces Stock Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• Inspire Advisors LLC reduced its holdings in Newmont Corporation by 30.3%, selling 6,272 shares and leaving it with 14,416 shares valued at approximately $696,000.
• Newmont's recent quarterly earnings exceeded expectations, posting $1.43 earnings per share and $5.32 billion in revenue, compared to analyst forecasts of $0.95 and $4.70 billion, respectively.
• Newmont Corporation's quarterly dividend of $0.25 per share will be paid on September 29, reflecting an annualized dividend of $1.00 with a yield of 1.52%.

Inspire Advisors LLC reduced its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 30.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,416 shares of the basic materials company's stock after selling 6,272 shares during the period. Inspire Advisors LLC's holdings in Newmont were worth $696,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. one8zero8 LLC bought a new stake in Newmont in the first quarter worth $367,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Newmont by 15.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,105,730 shares of the basic materials company's stock valued at $53,385,000 after buying an additional 146,692 shares during the period. Empirical Finance LLC grew its holdings in Newmont by 2.9% in the first quarter. Empirical Finance LLC now owns 30,399 shares of the basic materials company's stock worth $1,468,000 after purchasing an additional 853 shares during the period. Bearing Point Capital LLC grew its holdings in Newmont by 7.9% in the first quarter. Bearing Point Capital LLC now owns 66,242 shares of the basic materials company's stock worth $3,198,000 after purchasing an additional 4,830 shares during the period. Finally, HB Wealth Management LLC grew its holdings in shares of Newmont by 36.9% during the first quarter. HB Wealth Management LLC now owns 19,815 shares of the basic materials company's stock valued at $957,000 after buying an additional 5,344 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NEM. National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. Stifel Nicolaus initiated coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, CIBC set a $74.00 price objective on shares of Newmont and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $64.58.

Newmont Stock Performance

NYSE:NEM traded down $0.19 during trading hours on Thursday, hitting $62.13. 4,095,966 shares of the company were exchanged, compared to its average volume of 12,154,104. The stock has a market capitalization of $68.24 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 0.78 and a beta of 0.33. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $66.57. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The company's 50 day moving average price is $57.73 and its 200-day moving average price is $50.97.

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. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.72 EPS. As a group, research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $176,250.00. Following the completion of the transaction, the executive vice president directly owned 74,526 shares in the company, valued at approximately $4,378,402.50. This represents a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the transaction, the director owned 43,103 shares of the company's stock, valued at $2,532,301.25. This represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,154 shares of company stock worth $572,889 over the last three months. 0.05% of the stock is currently owned by 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.