Levin Capital Strategies L.P. Acquires 19,340 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• Levin Capital Strategies L.P. increased its position in Newmont Corporation (NYSE:NEM) by 75.7% in Q1, owning 44,901 shares valued at approximately $2.17 million.
• Newmont has received a "strong-buy" rating from Cfra Research and reports a 20.8% year-over-year revenue growth of $5.32 billion for the last quarter.
• The company also announced a quarterly dividend of $0.25 per share, with a dividend yield of 1.5%, to be paid on September 29th.

Levin Capital Strategies L.P. lifted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 75.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,901 shares of the basic materials company's stock after purchasing an additional 19,340 shares during the period. Levin Capital Strategies L.P.'s holdings in Newmont were worth $2,168,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. SOA Wealth Advisors LLC. increased its holdings in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new stake in shares of Newmont in the 1st quarter valued at $26,000. Private Trust Co. NA lifted its position in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after acquiring an additional 347 shares during the period. Nexus Investment Management ULC bought a new position in Newmont during the first quarter worth $31,000. Finally, Alpine Bank Wealth Management acquired a new stake in Newmont in the first quarter worth $32,000. Institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Raymond James Financial upped their price target on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Scotiabank raised their price objective on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. UBS Group boosted their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Argus set a $63.00 target price on Newmont in a research report on Friday, April 25th. Finally, Stifel Canada upgraded Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Price Performance

Newmont stock traded up $0.74 during midday trading on Wednesday, reaching $67.98. 9,550,582 shares of the stock were exchanged, compared to its average volume of 12,902,739. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $68.44. 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 firm has a market cap of $74.67 billion, a PE ratio of 12.20, a PEG ratio of 0.82 and a beta of 0.30. The company's fifty day moving average is $58.62 and its 200-day moving average is $51.69.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. The firm had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. On average, sell-side analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on 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 approximately $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the sale, the director owned 41,026 shares in the company, valued at $2,611,715.16. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,231 shares of company stock worth $896,091. 0.05% of the stock is owned by company insiders.

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.