Newmont Corporation $NEM Shares Sold by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management Inc. sold 4,466 shares of Newmont Corporation, reducing its position by 1.5% during the second quarter, leaving them with 287,425 shares valued at approximately $16.7 million.
• Analyst ratings for Newmont have varied, with CitiGroup upgrading their price target from $74.00 to $104.00 and five analysts giving it a "Strong Buy" rating, while others have positioned it as a "Hold".
• Newmont reported $1.71 earnings per share for the latest quarter, exceeding analysts' expectations, along with a revenue increase of 20% year-over-year to $5.52 billion.

Kornitzer Capital Management Inc. KS lessened its position in Newmont Corporation (NYSE:NEM - Free Report) by 1.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 287,425 shares of the basic materials company's stock after selling 4,466 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Newmont were worth $16,745,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in NEM. Cloud Capital Management LLC acquired a new stake in shares of Newmont in the 1st quarter worth $26,000. Colonial Trust Advisors lifted its stake in shares of Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 429 shares during the period. Concord Wealth Partners lifted its stake in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 385 shares during the period. Evermay Wealth Management LLC lifted its stake in shares of Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 400 shares during the period. Finally, Private Trust Co. NA lifted 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 purchasing an additional 347 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Ratings Changes

NEM has been the subject of several recent analyst reports. Citigroup raised their price objective on shares of Newmont from $74.00 to $104.00 and gave the company a "buy" rating in a research note on Wednesday, October 15th. Wall Street Zen upgraded shares of Newmont from a "buy" rating to a "strong-buy" rating in a research note on Saturday. BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, CIBC set a $112.00 target price on shares of Newmont and gave the company an "outperformer" rating in a report on Friday, October 10th. Five analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.59.

Newmont Trading Down 6.4%

Shares of NEM traded down $5.66 during mid-day trading on Friday, hitting $83.25. The company had a trading volume of 21,347,062 shares, compared to its average volume of 11,720,261. The business's 50-day simple moving average is $81.17 and its 200-day simple moving average is $65.41. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $98.58. The stock has a market cap of $91.45 billion, a PE ratio of 12.93, a P/E/G ratio of 0.60 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.69%. The business had revenue of $5.52 billion for the quarter, compared to analysts' expectations of $5.14 billion. During the same period last year, the company earned $0.81 earnings per share. The company's quarterly revenue was up 20.0% on a year-over-year basis. Sell-side analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont's payout ratio is presently 15.53%.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the business's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director directly owned 36,869 shares of the company's stock, valued at approximately $3,133,496.31. The trade was a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,249 shares of company stock valued at $1,132,065. Corporate insiders own 0.05% of the company's stock.

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.

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