Martingale Asset Management L P Cuts Stake in Newmont Corporation $NEM

Key Points

• Martingale Asset Management L P has reduced its stake in Newmont Corporation by 2.7%, owning 501,177 shares worth approximately $24.2 million after selling 14,035 shares in the first quarter.
• Newmont's latest earnings report revealed an earnings per share of $1.43, exceeding expectations of $0.95, and a revenue of $5.32 billion, up 20.8% from the previous year.
• The company declared a quarterly dividend of $0.25 per share, reflecting an annualized dividend of $1.00 with a yield of 1.5%, payable on September 29th.

Martingale Asset Management L P lessened its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 2.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 501,177 shares of the basic materials company's stock after selling 14,035 shares during the period. Martingale Asset Management L P's holdings in Newmont were worth $24,197,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. raised its holdings in shares of Newmont by 64.0% in the 1st 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 during the period. Cloud Capital Management LLC purchased a new stake in Newmont in the first quarter worth $26,000. Colonial Trust Advisors increased its position 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 buying an additional 429 shares during the last quarter. 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 buying an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC purchased a new position in shares of Newmont during the 1st quarter valued at $31,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

Newmont stock opened at $68.9470 on Thursday. The stock has a market cap of $75.73 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 0.80 and a beta of 0.30. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $61.92 and a 200 day simple moving average of $53.65. 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 released its quarterly 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. The firm had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company's revenue was up 20.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.72 EPS. On average, research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

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

Insider Buying and Selling at Newmont

In other Newmont 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 transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares in the company, valued at approximately $4,193,381.34. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,246 shares of company stock worth $1,373,251 over the last ninety days. Insiders own 0.05% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NEM shares. Royal Bank Of Canada upped their price objective on shares of Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. CIBC set a $74.00 price objective on shares of Newmont and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Scotiabank raised their price target on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Monday, July 28th. Four research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $64.58.

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.

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