Patton Fund Management Inc. Has $3.22 Million Position in Newmont Corporation $NEM

Key Points

• Patton Fund Management cut its Newmont stake by 63.8% in the first quarter, leaving it with 29,754 shares worth about $3.22 million.
• Insider selling continued at Newmont, with EVP Peter Toth and CEO Natascha Viljoen both selling shares on June 1 under pre-arranged 10b5-1 plans; insiders sold 28,556 shares total over the last 90 days.
• Analysts remain generally positive on the stock, with a consensus “Moderate Buy” rating and average target price of $140.50, while Newmont also reported strong quarterly results that beat EPS and revenue estimates.

Patton Fund Management Inc. decreased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 63.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,754 shares of the basic materials company's stock after selling 52,534 shares during the period. Patton Fund Management Inc.'s holdings in Newmont were worth $3,221,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC boosted its holdings in Newmont by 116.0% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 72,004 shares of the basic materials company's stock valued at $7,794,000 after acquiring an additional 38,673 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Newmont by 4.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 126,525 shares of the basic materials company's stock worth $13,696,000 after purchasing an additional 5,397 shares during the last quarter. Cornerstone Wealth Group LLC lifted its position in shares of Newmont by 29.5% in the 1st quarter. Cornerstone Wealth Group LLC now owns 3,151 shares of the basic materials company's stock worth $344,000 after purchasing an additional 717 shares during the period. Spectrum Asset Management Inc. NB CA bought a new stake in shares of Newmont in the 1st quarter valued at $341,000. Finally, Pictet Asset Management Holding SA increased its position in shares of Newmont by 13.6% during the first quarter. Pictet Asset Management Holding SA now owns 772,367 shares of the basic materials company's stock worth $83,520,000 after buying an additional 92,191 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the sale, the executive vice president directly owned 46,315 shares of the company's stock, valued at approximately $4,877,895.80. The trade was a 6.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the sale, the chief executive officer directly owned 142,999 shares of the company's stock, valued at approximately $15,060,654.68. This trade represents a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 28,556 shares of company stock worth $3,120,276. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NEM. Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the company an "outperform" rating in a report on Monday, June 1st. The Goldman Sachs Group lowered their price objective on Newmont from $125.10 to $122.50 and set a "buy" rating for the company in a research report on Thursday, June 4th. UBS Group dropped their price objective on Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Zacks Research upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 15th. Finally, Royal Bank Of Canada decreased their target price on Newmont from $160.00 to $140.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.50.

Newmont Price Performance

Shares of NEM opened at $96.09 on Monday. The business's fifty day moving average is $107.94 and its 200 day moving average is $110.94. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The stock has a market cap of $102.58 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.59 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same quarter in the previous year, the business posted $1.25 EPS. Newmont's quarterly revenue was up 45.8% on a year-over-year basis. Sell-side analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, May 27th. Newmont's dividend payout ratio is currently 13.49%.

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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