Newmont Corporation $NEM Shares Purchased by Patriot Financial Group Insurance Agency LLC

Key Points

• Patriot Financial Group Insurance Agency LLC more than doubled its Newmont stake in the first quarter, increasing holdings by 116% to 72,004 shares worth about $7.8 million.
• Newmont reported strong quarterly results, with earnings of $2.90 per share versus the $2.07 estimate and revenue of $7.31 billion, up 45.8% year over year.
• Analysts remain broadly positive on the stock, with an average Moderate Buy rating and a consensus price target of $140.50, while Newmont also paid a quarterly dividend of $0.26 per share.

Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 116.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 72,004 shares of the basic materials company's stock after acquiring an additional 38,673 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in Newmont were worth $7,794,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Apella Capital LLC increased its stake in shares of Newmont by 4.1% during the fourth quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock worth $219,000 after purchasing an additional 86 shares in the last quarter. New Wave Wealth Advisors LLC lifted its stake in Newmont by 1.3% in the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company's stock valued at $684,000 after buying an additional 88 shares in the last quarter. Novem Group lifted its stake in Newmont by 3.7% in the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company's stock valued at $248,000 after buying an additional 88 shares in the last quarter. Norden Group LLC boosted its holdings in Newmont by 0.7% in the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company's stock worth $1,235,000 after buying an additional 90 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of Newmont by 1.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company's stock valued at $714,000 after acquiring an additional 96 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Up 0.8%

Shares of NEM stock opened at $96.09 on Friday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $107.94 and its 200-day moving average price is $110.78. Newmont Corporation has a twelve month low of $55.37 and a twelve month high of $134.88. The stock has a market cap of $102.58 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.59 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business's revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 EPS. As a group, equities analysts predict that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were given a dividend of $0.26 per share. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Citigroup boosted their price target on Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Zacks Research raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 15th. UBS Group dropped their target price on shares of Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a report on Friday, March 27th. TD Securities reiterated a "hold" rating and issued a $129.00 target price on shares of Newmont in a research report on Monday, April 27th. Finally, Royal Bank Of Canada lowered their price target on shares of Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $140.50.

Insider Activity at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the sale, the chief executive officer owned 142,999 shares in the company, valued at approximately $15,060,654.68. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 28,556 shares of company stock worth $3,120,276. Company insiders own 0.06% of the company's stock.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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