Mediolanum International Funds Ltd Makes New Investment in Newmont Corporation (NYSE:NEM)

Key Points

• Mediolanum International Funds Ltd has acquired a new position in Newmont Corporation, purchasing 13,085 shares valued at approximately $629,000 in the first quarter.
• Insider trading activity includes the sale of shares by EVP Peter Toth and Director Bruce R. Brook, with Toth selling 3,000 shares and Brook selling 2,077 shares, indicating a decrease in their ownership positions.
• The latest earnings report for Newmont showed earnings per share (EPS) of $1.43, significantly surpassing analysts' expectations, with a year-over-year revenue growth of 20.8%.

Mediolanum International Funds Ltd bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,085 shares of the basic materials company's stock, valued at approximately $629,000.

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Cfra Research raised Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Scotiabank raised their price objective on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Monday. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada increased their target price on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Trading Down 2.6%

Shares of NYSE NEM traded down $1.68 during trading hours on Wednesday, hitting $62.31. 10,312,844 shares of the company traded hands, compared to its average volume of 12,211,195. The stock has a market capitalization of $68.44 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.91 and a beta of 0.33. 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's 50 day moving average price is $57.54 and its 200 day moving average price is $50.89. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $66.57.

Newmont (NYSE:NEM - Get Free Report) last released 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. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The company's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS. On average, equities research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio is currently 17.95%.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred 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 approximately $2,532,301.25. The trade was a 4.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,231 shares of company stock worth $679,813. Corporate insiders own 0.05% of the company's stock.

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.