Knightsbridge Asset Management LLC Has $1.64 Million Position in Newmont Corporation $NEM

Key Points

• Knightsbridge Asset Management LLC reduced its holdings in Newmont Corporation ($NEM) by 10.1%, now owning 34,037 shares worth approximately $1.64 million.
• Newmont reported a quarterly earnings per share (EPS) of $1.43, exceeding expectations of $0.95, and a revenue of $5.32 billion, surpassing analyst estimates.
• The company announced a quarterly dividend of $0.25 per share, representing an annual yield of 1.3%, with the dividend payout ratio at 17.95%.

Knightsbridge Asset Management LLC trimmed its position in Newmont Corporation (NYSE:NEM - Free Report) by 10.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,037 shares of the basic materials company's stock after selling 3,806 shares during the period. Knightsbridge Asset Management LLC's holdings in Newmont were worth $1,643,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of NEM. Jones Financial Companies Lllp lifted its position in shares of Newmont by 3,356.3% in the 1st quarter. Jones Financial Companies Lllp now owns 539,080 shares of the basic materials company's stock worth $26,027,000 after buying an additional 523,483 shares during the last quarter. Teza Capital Management LLC acquired a new stake in Newmont during the first quarter worth about $355,000. UniSuper Management Pty Ltd lifted its holdings in Newmont by 1.7% in the first quarter. UniSuper Management Pty Ltd now owns 93,756 shares of the basic materials company's stock worth $4,527,000 after acquiring an additional 1,606 shares during the last quarter. NFJ Investment Group LLC acquired a new position in Newmont in the first quarter valued at approximately $4,136,000. Finally, Nissay Asset Management Corp Japan ADV grew its holdings in shares of Newmont by 0.8% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 141,046 shares of the basic materials company's stock valued at $6,810,000 after purchasing an additional 1,104 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the completion of the transaction, the director owned 38,949 shares of the company's stock, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,246 shares of company stock valued at $1,253,559. Corporate insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of analyst reports. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Raymond James Financial raised their price target 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. Four research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.15.

Newmont Price Performance

NEM traded up $0.21 on Tuesday, reaching $75.96. The company had a trading volume of 10,445,168 shares, compared to its average volume of 8,021,443. The company has a market capitalization of $83.44 billion, a P/E ratio of 13.64, a PEG ratio of 0.91 and a beta of 0.34. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $66.30 and a 200-day moving average of $56.41. Newmont Corporation has a one year low of $36.86 and a one year high of $77.30.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Newmont 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.