Sagespring Wealth Partners LLC Raises Position in Newmont Corporation $NEM

Key Points

• Sagespring Wealth Partners LLC increased its stake in Newmont Corporation by 37.7% during the second quarter, acquiring an additional 3,491 shares, bringing their total holdings to 12,749 shares valued at $743,000.
• Newmont recently announced a quarterly dividend of $0.25, representing an annualized dividend of $1.00 with a yield of 1.1%.
• Recent earnings results show Newmont posted $1.43 earnings per share, exceeding analysts' expectations and reflecting a 20.8% increase in revenue year-over-year.

Sagespring Wealth Partners LLC boosted its stake in Newmont Corporation (NYSE:NEM - Free Report) by 37.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,749 shares of the basic materials company's stock after acquiring an additional 3,491 shares during the quarter. Sagespring Wealth Partners LLC's holdings in Newmont were worth $743,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Concord Wealth Partners boosted its position in Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after buying an additional 385 shares during the last quarter. Cloud Capital Management LLC purchased a new position in Newmont in the first quarter valued at about $26,000. Colonial Trust Advisors boosted its holdings in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Financial Management Professionals Inc. boosted its holdings in Newmont by 274.1% in the second quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 444 shares during the last quarter. Finally, ST Germain D J Co. Inc. boosted its holdings in Newmont by 92.3% in the second quarter. ST Germain D J Co. Inc. now owns 625 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the sale, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,249 shares of company stock worth $1,132,065 in the last ninety days. 0.05% of the stock is owned by insiders.

Newmont Trading Up 3.3%

Shares of NYSE NEM opened at $93.49 on Thursday. The company has a market cap of $102.70 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 0.99 and a beta of 0.34. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $93.93. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The stock's 50 day simple moving average is $78.22 and its 200 day simple moving average is $63.33.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business's revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the business posted $0.72 EPS. Equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Thursday, September 4th were given a $0.25 dividend. The ex-dividend date was Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.1%. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. UBS Group increased their price objective on shares of Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a research note on Friday, September 19th. National Bankshares reiterated an "outperform" rating on shares of Newmont in a research note on Monday, September 22nd. Citigroup increased their price target on shares of Newmont from $74.00 to $104.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Weiss Ratings cut shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $84.66.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.