Newmont Corporation $NEM Shares Purchased by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC significantly increased its stake in Newmont Corporation by 2,991.2%, acquiring an additional 582,776 shares, bringing its total ownership to about 602,259 shares valued at approximately $29 million.
• Newmont announced a quarterly dividend of $0.25, with an annualized yield of 1.5%, payable on September 29th; the company’s payout ratio is currently 17.95%.
• Newmont reported $1.43 EPS for the latest quarter, surpassing estimates, with a year-over-year revenue increase of 20.8% to $5.32 billion.

Kovitz Investment Group Partners LLC increased its position in Newmont Corporation (NYSE:NEM - Free Report) by 2,991.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 602,259 shares of the basic materials company's stock after buying an additional 582,776 shares during the period. Kovitz Investment Group Partners LLC owned about 0.05% of Newmont worth $29,077,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sienna Gestion acquired a new stake in shares of Newmont during the first quarter worth $1,186,000. Holderness Investments Co. acquired a new position in shares of Newmont in the first quarter worth about $217,000. Boston Partners acquired a new stake in shares of Newmont during the first quarter worth approximately $5,349,000. S Bank Fund Management Ltd bought a new position in shares of Newmont in the first quarter valued at approximately $457,000. Finally, National Pension Service increased its position in Newmont by 11.2% during the first quarter. National Pension Service now owns 3,148,462 shares of the basic materials company's stock worth $152,008,000 after acquiring an additional 316,918 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Buying and Selling

In other news, 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 transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were 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. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,246 shares of company stock valued at $1,373,251 over the last 90 days. Corporate insiders own 0.05% of the company's stock.

Newmont Stock Performance

Shares of NEM traded down $1.7150 during mid-day trading on Tuesday, hitting $67.2850. The stock had a trading volume of 5,599,278 shares, compared to its average volume of 11,871,664. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.29. The business has a fifty day moving average price of $61.31 and a 200-day moving average price of $53.44. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The firm has a market cap of $73.91 billion, a P/E ratio of 12.09, a PEG ratio of 0.82 and a beta of 0.30.

Newmont (NYSE:NEM - Get Free Report) last issued 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 company had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. During the same period in the prior year, the business posted $0.72 EPS. Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.5%. Newmont's payout ratio is presently 17.95%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NEM. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Scotiabank upped their price objective on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Raymond James Financial raised their target price on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Four research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $64.58.

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.