Patton Fund Management Inc. Makes New $238,000 Investment in Newmont Corporation $NEM

Key Points

• Patton Fund Management Inc. has made a new investment of $238,000 in Newmont Corporation, acquiring 4,083 shares during the 2nd quarter.
• Newmont reported earnings of $1.43 per share for the last quarter, exceeding analysts' expectations and marking a 20.8% year-over-year revenue growth to $5.32 billion.
• The company recently declared a quarterly dividend of $0.25, amounting to an annualized yield of 1.2%, with a payout ratio of 17.95%.

Patton Fund Management Inc. purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 4,083 shares of the basic materials company's stock, valued at approximately $238,000.

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

Newmont Price Performance

Newmont stock opened at $85.17 on Monday. The stock has a market cap of $93.55 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 0.99 and a beta of 0.33. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $72.02 and a 200 day simple moving average of $59.93. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $86.62.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $4.70 billion. During the same quarter last year, the company posted $0.72 EPS. The company's revenue for the quarter was up 20.8% on a year-over-year basis. On average, research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Analysts Set New Price Targets

Several research firms recently commented on NEM. Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $66.00 to $95.00 in a report on Wednesday, September 10th. Macquarie lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Raymond James Financial lifted their price target on Newmont from $77.00 to $84.00 and gave the company an "outperform" rating in a research report on Tuesday, September 23rd. The Goldman Sachs Group increased their price objective on Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a report on Thursday, September 11th. Finally, National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus target price of $73.38.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction 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 sale, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. This trade represents a 5.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction 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 directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,246 shares of company stock valued at $1,253,559 in the last quarter. Insiders own 0.05% of the company's stock.

Newmont 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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