Savvy Advisors Inc. Buys New Position in Newmont Corporation (NYSE:NEM)

Key Points

• Savvy Advisors Inc. has acquired a new stake in Newmont Corporation, buying 7,307 shares valued at approximately $353,000 during the first quarter.
• Newmont reported earnings of $1.43 per share for the last quarter, exceeding estimates and indicating a revenue increase of 20.8% year-over-year.
• Newmont announced a quarterly dividend of $0.25 per share, representing a 1.5% yield, with a payout ratio of 17.95%.

Savvy Advisors Inc. bought a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 7,307 shares of the basic materials company's stock, valued at approximately $353,000.

Other hedge funds have also modified their holdings of the company. SOA Wealth Advisors LLC. raised its holdings in shares of Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares during the period. Cloud Capital Management LLC purchased a new stake in shares of Newmont during the 1st quarter valued at about $26,000. Private Trust Co. NA raised its holdings in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares during the period. Nexus Investment Management ULC acquired a new stake in Newmont during the 1st quarter valued at approximately $31,000. Finally, Alpine Bank Wealth Management acquired a new stake in Newmont during the 1st quarter valued at approximately $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Down 0.2%

NYSE:NEM opened at $68.96 on Friday. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $70.29. The firm has a market capitalization of $75.75 billion, a P/E ratio of 12.38, a P/E/G ratio of 0.84 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The business has a 50 day simple moving average of $59.58 and a 200 day simple moving average of $52.25.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data 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 business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The business's revenue for the quarter was up 20.8% compared to the same quarter last year. Equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.5%. Newmont's payout ratio is currently 17.95%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Scotiabank raised their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. CIBC set a $74.00 price objective on Newmont and gave the company a "neutral" rating in a research note on Tuesday, July 15th. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the sale, the executive vice president owned 77,526 shares of the company's stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,246 shares of company stock worth $1,373,251 in the last 90 days. 0.05% of the stock is currently owned by company insiders.

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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