Park Place Capital Corp Purchases 14,512 Shares of Newmont Corporation $NEM

Key Points

• Park Place Capital Corp significantly increased its stake in Newmont Corporation by purchasing an additional 14,512 shares, bringing its total holdings to 14,617 shares, valued at $860,000.
• Newmont reported a 20.8% year-over-year revenue growth in its latest earnings, with earnings per share of $1.43, surpassing analyst expectations of $0.95.
• The company also declared a quarterly dividend of $0.25 per share, contributing to a 1.2% annual yield on its stock.

Park Place Capital Corp boosted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 13,821.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,617 shares of the basic materials company's stock after purchasing an additional 14,512 shares during the quarter. Park Place Capital Corp's holdings in Newmont were worth $860,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of NEM. Brighton Jones LLC grew its holdings in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after purchasing an additional 1,847 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Newmont by 30.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 185,833 shares of the basic materials company's stock worth $6,917,000 after purchasing an additional 43,250 shares during the period. Wellington Management Group LLP grew its holdings in Newmont by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 181,110 shares of the basic materials company's stock worth $6,741,000 after purchasing an additional 2,877 shares during the period. Versant Capital Management Inc grew its holdings in Newmont by 132.4% in the first quarter. Versant Capital Management Inc now owns 2,384 shares of the basic materials company's stock worth $115,000 after purchasing an additional 1,358 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Newmont by 5,799.3% in the first quarter. GAMMA Investing LLC now owns 1,020,929 shares of the basic materials company's stock worth $49,290,000 after purchasing an additional 1,003,623 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Down 0.8%

Shares of Newmont stock opened at $84.59 on Tuesday. The company has a market cap of $92.92 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 0.99 and a beta of 0.33. The company's 50 day moving average is $72.52 and its 200 day moving average is $60.20. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $87.93. 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 (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, beating analysts' consensus estimates of $0.95 by $0.48. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.72 earnings per share. Research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Thursday, September 4th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont's dividend payout ratio is 17.95%.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director owned 38,949 shares in the company, valued at $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,169 shares of company stock worth $955,286 over the last quarter. Company insiders own 0.05% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NEM. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Raymond James Financial increased their price target on shares of Newmont from $77.00 to $84.00 and gave the company an "outperform" rating in a report on Tuesday, September 23rd. Scotiabank increased 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, July 28th. Finally, UBS Group increased their price target on shares of Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a report on Friday, September 19th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $73.38.

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.

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