Patton Fund Management Inc. Acquires 78,205 Shares of Newmont Corporation $NEM

Key Points

• Patton Fund Management bought 78,205 shares of Newmont, boosting its stake to 82,288 shares (a 1,915.4% increase) valued at $8.216 million and making NEM about 1.1% of the fund's portfolio as its 19th-largest holding.
• Newmont beat expectations with quarterly EPS of $2.52 vs. $1.81 and revenue of $6.82 billion (up 20.6% year-over-year), posting strong profitability metrics (ROE 23.28%, net margin 31.25%).
• Newmont raised its quarterly dividend to $0.26 ($1.04 annualized, 0.9% yield), and analysts carry a consensus "Moderate Buy" with an average price target of $133.91.

Patton Fund Management Inc. lifted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 1,915.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,288 shares of the basic materials company's stock after purchasing an additional 78,205 shares during the period. Newmont accounts for about 1.1% of Patton Fund Management Inc.'s portfolio, making the stock its 19th biggest position. Patton Fund Management Inc.'s holdings in Newmont were worth $8,216,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Avion Wealth boosted its position in shares of Newmont by 115.6% during the 4th quarter. Avion Wealth now owns 455 shares of the basic materials company's stock valued at $45,000 after purchasing an additional 244 shares in the last quarter. Assetmark Inc. raised its stake in Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after buying an additional 2,294,396 shares during the period. Transcend Capital Advisors LLC boosted its holdings in Newmont by 18.1% in the fourth quarter. Transcend Capital Advisors LLC now owns 13,488 shares of the basic materials company's stock worth $1,347,000 after acquiring an additional 2,065 shares in the last quarter. Forefront Wealth Management Inc. bought a new position in Newmont in the fourth quarter worth approximately $213,000. Finally, Westside Investment Management Inc. boosted its holdings in Newmont by 132.2% in the fourth quarter. Westside Investment Management Inc. now owns 1,342 shares of the basic materials company's stock worth $136,000 after acquiring an additional 764 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

Shares of Newmont stock opened at $116.58 on Tuesday. The company has a market cap of $125.90 billion, a PE ratio of 18.24, a price-to-earnings-growth ratio of 0.92 and a beta of 0.46. Newmont Corporation has a 52 week low of $48.27 and a 52 week high of $134.88. The business has a 50 day moving average price of $115.42 and a 200-day moving average price of $103.13. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, topping the consensus estimate of $1.81 by $0.71. The firm had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company's quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.40 earnings per share. Equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. This is a boost from Newmont's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Tuesday, March 3rd. Newmont's dividend payout ratio (DPR) is currently 16.28%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Scotiabank cut their price target on Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a report on Friday, March 20th. Wall Street Zen lowered Newmont from a "buy" rating to a "hold" rating in a report on Saturday, April 4th. BNP Paribas Exane increased their price target on Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a report on Monday, March 2nd. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Finally, Jefferies Financial Group increased their price target on Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $133.91.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $113.09, for a total value of $339,270.00. Following the completion of the sale, the executive vice president directly owned 52,315 shares of the company's stock, valued at $5,916,303.35. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David James Fry sold 18,394 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the sale, the insider directly owned 17,147 shares of the company's stock, valued at $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 24,394 shares of company stock valued at $2,713,281. Company insiders own 0.06% of the company's stock.

About Newmont

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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