HB Wealth Management LLC Increases Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• HB Wealth Management LLC increased its holdings in Newmont Corporation by 36.9%, owning 19,815 shares valued at approximately $957,000 at the end of the reporting period.
• Newmont reported $1.43 EPS for the last quarter, exceeding the consensus estimate of $0.95, with revenues of $5.32 billion, up 20.8% year-over-year.
• The company recently announced a quarterly dividend of $0.25 per share, representing an annualized yield of 1.56%, with an expected payout ratio of 17.95%.

HB Wealth Management LLC grew its position in Newmont Corporation (NYSE:NEM - Free Report) by 36.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,815 shares of the basic materials company's stock after buying an additional 5,344 shares during the quarter. HB Wealth Management LLC's holdings in Newmont were worth $957,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. SOA Wealth Advisors LLC. increased its position in Newmont by 64.0% during the 1st 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. Cloud Capital Management LLC acquired a new position in Newmont during the 1st quarter valued at about $26,000. Private Trust Co. NA increased its position in Newmont by 122.6% during the 1st 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. Nexus Investment Management ULC acquired a new position in Newmont during the 1st quarter valued at about $31,000. Finally, Alpine Bank Wealth Management acquired a new position in shares of Newmont in the 1st quarter valued at $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NEM shares. The Goldman Sachs Group reissued a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. CIBC set a $74.00 target price on Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Cfra Research raised shares of Newmont to a "strong-buy" rating in a report on Friday, April 25th. Scotiabank upped their price target on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday. Finally, Royal Bank Of Canada raised their target price on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the sale, the director directly owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $176,250.00. Following the completion of the sale, the executive vice president directly owned 74,526 shares in the company, valued at $4,378,402.50. This trade represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,231 shares of company stock valued at $679,813 in the last three months. 0.05% of the stock is currently owned by insiders.

Newmont Price Performance

Shares of NEM stock traded down $1.68 on Wednesday, reaching $62.31. 10,312,844 shares of the company were exchanged, compared to its average volume of 12,275,530. The company has a market cap of $68.44 billion, a price-to-earnings ratio of 11.19, a P/E/G ratio of 0.78 and a beta of 0.33. The business has a 50-day moving average price of $57.54 and a 200 day moving average price of $50.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $66.57.

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 for the quarter, beating the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the business posted $0.72 earnings per share. The business's quarterly revenue was up 20.8% compared to the same quarter last year. Equities research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.60%. Newmont's payout ratio is 17.95%.

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.