KLCM Advisors Inc. Sells 47,329 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• KLCM Advisors Inc. reduced its stake in Newmont Corporation by 9.8%, selling 47,329 shares and now holding 433,520, which is valued at approximately $20.93 million.
• Newmont's recent earnings report showed a significant increase, with $1.43 earnings per share beating estimates by $0.48 and a revenue of $5.32 billion, up 20.8% from the prior year.
• The company has declared a quarterly dividend of $0.25 per share, reflecting an annualized yield of 1.5%, with a payout ratio of 17.95% for its shareholders of record.

KLCM Advisors Inc. lessened its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 9.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 433,520 shares of the basic materials company's stock after selling 47,329 shares during the quarter. Newmont accounts for 2.4% of KLCM Advisors Inc.'s investment portfolio, making the stock its 8th biggest position. KLCM Advisors Inc.'s holdings in Newmont were worth $20,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the company. Nuveen LLC acquired a new position in shares of Newmont in the first quarter worth about $306,507,000. Pacer Advisors Inc. raised its position in shares of Newmont by 4,203.5% during the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock worth $259,580,000 after purchasing an additional 5,251,616 shares during the period. Voloridge Investment Management LLC acquired a new stake in Newmont in the fourth quarter worth $92,693,000. Capital Research Global Investors increased its holdings in shares of Newmont by 70.7% in the 4th quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock worth $210,105,000 after acquiring an additional 2,338,953 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Newmont in the fourth quarter valued at approximately $75,435,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

NEM opened at $68.61 on Thursday. The company has a market cap of $75.36 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock has a 50-day moving average of $60.38 and a 200-day moving average of $52.73. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $70.29.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the company earned $0.72 EPS. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, equities research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 dividend yield of 1.5%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The shares were 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 in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the transaction, the director owned 41,026 shares of the company's stock, valued at $2,611,715.16. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 22,246 shares of company stock valued at $1,373,251. Company insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several analyst reports. Cfra Research upgraded shares of Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Raymond James Financial raised their price objective on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. The Goldman Sachs Group reiterated a "neutral" rating and set a $60.90 price target on shares of Newmont in a research report on Tuesday, July 8th. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. Finally, Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus price target of $64.58.

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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.