Gabelli Funds LLC Raises Stock Holdings in Newmont Corporation $NEM

Key Points

• Gabelli Funds LLC has increased its position in Newmont Corporation by 3.2%, now owning approximately 2.89 million shares valued at around $139.7 million.
• Newmont reported impressive financial results, with a 20.8% year-over-year revenue increase and earnings per share of $1.43, surpassing analyst expectations of $0.95.
• The company announced a quarterly dividend of $0.25, translating to an annualized yield of 1.4%, which will be paid on September 29th to investors of record on September 4th.

Gabelli Funds LLC grew its position in Newmont Corporation (NYSE:NEM - Free Report) by 3.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,893,587 shares of the basic materials company's stock after acquiring an additional 89,000 shares during the period. Newmont comprises approximately 1.1% of Gabelli Funds LLC's investment portfolio, making the stock its 11th biggest position. Gabelli Funds LLC owned approximately 0.26% of Newmont worth $139,702,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of NEM. Hemington Wealth Management raised its holdings in Newmont by 25.2% in the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock worth $46,000 after purchasing an additional 194 shares during the period. Ipswich Investment Management Co. Inc. increased its position in shares of Newmont by 1.4% in the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock valued at $689,000 after buying an additional 200 shares in the last quarter. SOA Wealth Advisors LLC. increased its position in shares of 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 buying an additional 201 shares in the last quarter. Rothschild Investment LLC raised its stake in shares of Newmont by 8.5% during the 1st quarter. Rothschild Investment LLC now owns 2,786 shares of the basic materials company's stock worth $135,000 after buying an additional 219 shares during the period. Finally, Twin Capital Management Inc. lifted its position in shares of Newmont by 0.7% during the 1st quarter. Twin Capital Management Inc. now owns 38,798 shares of the basic materials company's stock valued at $1,873,000 after buying an additional 254 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,246 shares of company stock worth $1,373,251. Insiders own 0.05% of the company's stock.

Newmont Price Performance

Shares of NYSE:NEM traded up $0.61 during midday trading on Thursday, hitting $73.00. The company had a trading volume of 6,794,550 shares, compared to its average volume of 8,557,717. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $73.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The stock has a market cap of $80.18 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. The business's 50-day simple moving average is $63.58 and its 200-day simple moving average is $54.77.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The firm'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 earnings per share. On average, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued 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 1.4%. Newmont's dividend payout ratio is currently 17.95%.

Analysts Set New Price Targets

NEM has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price target on shares of Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Scotiabank lifted their price objective on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Monday, July 28th. Finally, National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Four research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $64.58.

Newmont Company 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.