Newmont Corporation (NYSE:NEM) Stock Position Lifted by MGO One Seven LLC

Key Points

• MGO One Seven LLC increased its stake in Newmont Corporation by 14.8%, owning 56,728 shares valued at approximately $2.74 million at the end of the first quarter.
• Newmont reported $1.43 earnings per share for the most recent quarter, exceeding the consensus estimate of $0.95, with a revenue increase of 20.8% year-over-year.
• The company declared a quarterly dividend of $0.25 per share, resulting in an annualized yield of 1.6%, with the payment date set for September 29th.

MGO One Seven LLC boosted its stake in Newmont Corporation (NYSE:NEM - Free Report) by 14.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,728 shares of the basic materials company's stock after acquiring an additional 7,309 shares during the period. MGO One Seven LLC's holdings in Newmont were worth $2,739,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Foster & Motley Inc. purchased a new position in shares of Newmont in the 1st quarter worth about $217,000. Tandem Financial LLC grew its stake in shares of Newmont by 44.8% during the 1st quarter. Tandem Financial LLC now owns 8,889 shares of the basic materials company's stock valued at $429,000 after acquiring an additional 2,750 shares during the period. Natixis Advisors LLC boosted its stake in Newmont by 61.6% in the 1st quarter. Natixis Advisors LLC now owns 229,209 shares of the basic materials company's stock worth $11,066,000 after purchasing an additional 87,401 shares during the period. NorthRock Partners LLC boosted its stake in Newmont by 52.4% in the 1st quarter. NorthRock Partners LLC now owns 8,217 shares of the basic materials company's stock worth $397,000 after purchasing an additional 2,825 shares during the period. Finally, Wellington Shields & Co. LLC lifted its position in Newmont by 1.7% during the first quarter. Wellington Shields & Co. LLC now owns 39,600 shares of the basic materials company's stock valued at $1,912,000 after purchasing an additional 650 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on NEM. Royal Bank Of Canada upped their price objective on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Argus set a $63.00 price objective on Newmont in a research report on Friday, April 25th. Stifel Canada raised Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $64.58.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $176,250.00. Following the completion of the sale, the executive vice president owned 74,526 shares of the company's stock, valued at $4,378,402.50. This represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the sale, the director directly owned 43,103 shares of the company's stock, valued at $2,532,301.25. The trade was a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,154 shares of company stock valued at $572,889. Company insiders own 0.05% of the company's stock.

Newmont Stock Up 0.8%

Shares of NEM traded up $0.51 during mid-day trading on Friday, reaching $62.61. The company's stock had a trading volume of 11,272,857 shares, compared to its average volume of 12,499,866. The company's 50 day moving average is $58.10 and its 200 day moving average is $51.35. The stock has a market cap of $68.77 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 0.76 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. 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 posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion during 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 quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the firm earned $0.72 EPS. Equities analysts anticipate that Newmont Corporation will post 3.45 EPS 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 given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. Newmont's payout ratio is currently 17.95%.

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.