Legacy Capital Group California Inc. Increases Stock Position in Newmont Corporation (NYSE:NEM)

Key Points

• Legacy Capital Group California Inc. increased its holdings in Newmont Corporation by 192.4%, owning 31,850 shares valued at approximately $1.54 million as of the latest SEC filing.
• Newmont recently reported $1.43 EPS for the quarter, exceeding analyst expectations and recording 20.8% year-over-year revenue growth to reach $5.32 billion.
• Several research firms upgraded Newmont's rating, with UBS raising its price target from $60 to $68, reflecting a generally positive outlook for the company.

Legacy Capital Group California Inc. raised its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 192.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 31,850 shares of the basic materials company's stock after buying an additional 20,957 shares during the period. Legacy Capital Group California Inc.'s holdings in Newmont were worth $1,538,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of NEM. Leisure Capital Management increased its holdings in Newmont by 2.5% in the first quarter. Leisure Capital Management now owns 23,383 shares of the basic materials company's stock valued at $1,129,000 after buying an additional 570 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in shares of Newmont during the 1st quarter valued at about $2,314,000. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Newmont in the 1st quarter valued at about $53,000. Levin Capital Strategies L.P. increased its stake in shares of Newmont by 75.7% in the 1st quarter. Levin Capital Strategies L.P. now owns 44,901 shares of the basic materials company's stock valued at $2,168,000 after purchasing an additional 19,340 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings in Newmont by 2.7% in the 1st quarter. Empower Advisory Group LLC now owns 1,862,732 shares of the basic materials company's stock worth $89,933,000 after purchasing an additional 48,812 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on NEM shares. Argus set a $63.00 price objective on Newmont in a report on Friday, April 25th. Scotiabank lifted their price target on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. CIBC set a $74.00 price objective on shares of Newmont and gave the stock 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. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and an average target price of $64.58.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president directly owned 77,526 shares in the company, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction that occurred 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 sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,246 shares of company stock worth $1,373,251 in the last quarter. Company insiders own 0.05% of the company's stock.

Newmont Price Performance

NEM stock traded down $0.11 during mid-day trading on Friday, reaching $68.96. The company's stock had a trading volume of 9,068,992 shares, compared to its average volume of 12,932,138. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company's 50 day moving average is $59.25 and its two-hundred day moving average is $51.99. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $70.29. The stock has a market cap of $75.75 billion, a PE ratio of 12.38, a P/E/G ratio of 0.84 and a beta of 0.30.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS 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 firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The business's revenue for the quarter was up 20.8% on a year-over-year basis. Equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is currently 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.