Norden Group LLC Raises Stock Position in Newmont Corporation $NEM

Key Points

• Norden Group LLC increased its stake in Newmont Corporation by 45.8% to a total of 10,377 shares, valued at approximately $605,000 as reported in their recent SEC filing.
• Newmont reported a significant earnings per share (EPS) of $1.43 for the last quarter, surpassing the consensus estimate by $0.48 and achieving a 20.8% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.25 per share, with a yield of 1.2%, to be paid on September 29th to investors of record as of September 4th.

Norden Group LLC boosted its stake in Newmont Corporation (NYSE:NEM - Free Report) by 45.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,377 shares of the basic materials company's stock after purchasing an additional 3,262 shares during the period. Norden Group LLC's holdings in Newmont were worth $605,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. grew its holdings in shares of Newmont by 13.2% in the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after acquiring an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Newmont during the 1st quarter valued at about $423,000. Spire Wealth Management increased its position in shares of Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 1,309 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Newmont in the 1st quarter worth approximately $202,000. Finally, Bayforest Capital Ltd boosted its holdings in shares of Newmont by 269.4% in the first quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company's stock worth $426,000 after buying an additional 6,439 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Stock Performance

NYSE NEM opened at $83.60 on Friday. 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 twelve month low of $36.86 and a twelve month high of $86.62. The business has a 50-day moving average price of $71.48 and a 200-day moving average price of $59.44. The firm has a market cap of $91.83 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 0.97 and a beta of 0.34.

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 (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 company 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 company earned $0.72 EPS. The firm's quarterly revenue was up 20.8% on a year-over-year basis. As a group, equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value 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 trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,246 shares of company stock worth $1,253,559. Insiders own 0.05% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on NEM shares. National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Raymond James Financial upped their price objective on Newmont from $77.00 to $84.00 and gave the stock an "outperform" rating in a research note on Tuesday. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. BNP Paribas lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Finally, Stifel Nicolaus initiated coverage on Newmont in a research note on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $73.38.

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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