Newmont Corporation (NYSE:NEM) is Ruffer LLP's Largest Position

Key Points

• Ruffer LLP has reduced its stake in Newmont Corporation by 6.9%, maintaining it as their largest holding, which now constitutes about 12.3% of their portfolio.
• In the recent quarter, Newmont's stock received multiple price target adjustments, with Goldman Sachs issuing a "neutral" rating and a price objective of $60.90.
• Newmont announced a quarterly dividend of $0.25, translating to an annualized dividend of $1.00 and a yield of 1.6%, to be paid on September 29th.

Ruffer LLP lessened its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,596,949 shares of the basic materials company's stock after selling 488,152 shares during the period. Newmont comprises about 12.3% of Ruffer LLP's portfolio, making the stock its largest holding. Ruffer LLP owned 0.59% of Newmont worth $318,496,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Seelaus Asset Management LLC purchased a new position in shares of Newmont in the 1st quarter valued at about $262,000. Commonwealth Equity Services LLC increased its stake in shares of Newmont by 10.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 441,937 shares of the basic materials company's stock valued at $21,337,000 after purchasing an additional 42,293 shares in the last quarter. Allianz SE increased its stake in shares of Newmont by 3.0% in the 1st quarter. Allianz SE now owns 1,809,076 shares of the basic materials company's stock valued at $87,342,000 after purchasing an additional 52,114 shares in the last quarter. Smithfield Trust Co boosted its holdings in Newmont by 32.0% in the 1st quarter. Smithfield Trust Co now owns 6,798 shares of the basic materials company's stock worth $329,000 after buying an additional 1,649 shares during the last quarter. Finally, Argent Trust Co boosted its holdings in Newmont by 7.0% in the 1st quarter. Argent Trust Co now owns 45,119 shares of the basic materials company's stock worth $2,178,000 after buying an additional 2,950 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president directly owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the transaction, the director owned 43,103 shares of the company's stock, valued at $2,532,301.25. The trade was a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,154 shares of company stock valued at $572,889 over the last quarter. 0.05% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 price objective on shares of Newmont in a report on Tuesday, July 8th. Argus set a $63.00 price objective on Newmont in a report on Friday, April 25th. CIBC set a $74.00 price objective on Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Raymond James Financial lifted their price objective on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average target price of $64.58.

Newmont Trading Up 0.8%

Shares of Newmont stock opened at $62.61 on Monday. The firm has a market capitalization of $68.77 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 0.76 and a beta of 0.30. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $66.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock has a 50 day moving average of $58.10 and a 200 day moving average of $51.42.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. The company 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%. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.72 earnings per share. As a group, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is presently 17.95%.

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.

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