Newmont Corporation $NEM Shares Sold by Foundation Resource Management Inc.

Key Points

• Foundation Resource Management Inc. sold 4,481 shares of Newmont Corporation, reducing its position by 0.7%, and it now holds approximately 6.1% of the company’s stock, valued at $39.5 million.
• Newmont's stock received upgrades from several analysts, with four analysts rating it as a Strong Buy and the consensus price target currently at $72.31.
• The company announced a quarterly dividend of $0.25 per share, representing a 1.2% dividend yield, to be paid on September 29th, 2023.

Foundation Resource Management Inc. lowered its stake in Newmont Corporation (NYSE:NEM - Free Report) by 0.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 678,565 shares of the basic materials company's stock after selling 4,481 shares during the quarter. Newmont makes up approximately 6.1% of Foundation Resource Management Inc.'s investment portfolio, making the stock its 3rd largest position. Foundation Resource Management Inc. owned 0.06% of Newmont worth $39,533,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. grew its holdings in shares of Newmont by 64.0% during the first 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 in the last quarter. Cloud Capital Management LLC purchased a new position in shares of Newmont during the first quarter worth about $26,000. Colonial Trust Advisors grew its holdings in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Private Trust Co. NA boosted its stake in 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 in the last quarter. Finally, Nexus Investment Management ULC purchased a new stake in Newmont in the first quarter worth approximately $31,000. Institutional investors own 68.85% of the company's stock.

Newmont Trading Up 2.5%

NEM stock traded up $2.02 during midday trading on Monday, hitting $83.74. 14,015,439 shares of the company's stock were exchanged, compared to its average volume of 11,060,405. The business has a 50-day simple moving average of $69.93 and a two-hundred day simple moving average of $58.80. 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 stock has a market capitalization of $91.98 billion, a PE ratio of 15.03, a P/E/G ratio of 0.96 and a beta of 0.33. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $83.89.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion during 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%.Newmont's revenue was up 20.8% compared to the same quarter last year. During the same period last year, the business posted $0.72 earnings per share. On average, sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont's payout ratio is presently 17.95%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,246 shares of company stock worth $1,253,559 in the last quarter. Company insiders own 0.05% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NEM shares. UBS Group upped their target price on Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a report on Friday. CIBC lifted their target price on Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. BNP Paribas Exane lifted their target price on Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a research report on Monday, September 15th. Finally, BNP Paribas lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Four investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $72.31.

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.