Newmont Corporation $NEM Shares Sold by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP reduced its stake in Newmont Corporation by 11.3%, now owning 225,531 shares valued at approximately $10.89 million following a sale of 28,739 shares.
• Several institutional investors increased their positions in Newmont, with Colonial Trust Advisors boosting its holdings by 315.4% to 565 shares, now valued at $27,000.
• Newmont's most recent earnings report revealed an EPS of $1.43, significantly surpassing analysts' expectations, while the company recently declared a quarterly dividend of $0.25

Invenomic Capital Management LP reduced its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 11.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 225,531 shares of the basic materials company's stock after selling 28,739 shares during the quarter. Invenomic Capital Management LP's holdings in Newmont were worth $10,889,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also modified their holdings of NEM. SOA Wealth Advisors LLC. boosted its stake in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 201 shares in the last quarter. Cloud Capital Management LLC acquired a new position in Newmont during the 1st quarter worth approximately $26,000. Colonial Trust Advisors boosted its holdings in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after buying an additional 429 shares during the last quarter. Private Trust Co. NA grew 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 valued at $30,000 after buying an additional 347 shares in the last quarter. Finally, Nexus Investment Management ULC acquired a new stake in Newmont during the 1st quarter valued at $31,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the transaction, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of Newmont 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 sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,246 shares of company stock valued at $1,253,559. 0.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on NEM shares. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Macquarie lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. UBS Group raised their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Raymond James Financial boosted their target price on Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Four analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.15.

Newmont Trading Down 0.7%

Shares of NYSE:NEM opened at $74.90 on Friday. The business's 50-day moving average is $65.22 and its 200 day moving average is $55.74. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $76.52. The firm has a market capitalization of $82.28 billion, a P/E ratio of 13.45, a P/E/G ratio of 0.91 and a beta of 0.34. 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 (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping analysts' consensus estimates 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 was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 earnings per share. On average, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Newmont 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.

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