Sound Shore Management Inc. CT Increases Position in Newmont Corporation (NYSE:NEM)

Sound Shore Management Inc. CT boosted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 288,105 shares of the basic materials company's stock after purchasing an additional 21,165 shares during the quarter. Sound Shore Management Inc. CT's holdings in Newmont were worth $13,910,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. SOA Wealth Advisors LLC. raised its stake in Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont during the first quarter valued at $26,000. Private Trust Co. NA raised its stake in Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 347 shares in the last quarter. Nexus Investment Management ULC purchased a new stake in Newmont during the first quarter valued at $31,000. Finally, Alpine Bank Wealth Management purchased a new stake in Newmont during the first quarter valued at $32,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NEM. Stifel Nicolaus started coverage on shares of Newmont in a research note on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price on the stock. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday. The Goldman Sachs Group reissued a "neutral" rating and set a $60.90 price target on shares of Newmont 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 report on Tuesday, July 15th. Finally, Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and a consensus target price of $62.74.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director directly owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the transaction, the executive vice president owned 74,526 shares of the company's stock, valued at $4,378,402.50. This represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,231 shares of company stock worth $679,813 in the last quarter. Company insiders own 0.05% of the company's stock.

Newmont Stock Down 3.1%

Newmont stock traded down $2.07 during mid-day trading on Monday, reaching $63.69. 7,076,592 shares of the company were exchanged, compared to its average volume of 12,218,291. The firm has a market cap of $70.88 billion, a P/E ratio of 11.44, a PEG ratio of 0.96 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The business has a fifty day moving average of $57.05 and a 200 day moving average of $50.62. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $66.57.

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

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is 17.95%.

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.