Sprott Inc. Sells 7,367 Shares of Newmont Corporation $NEM

Key Points

• Sprott Inc. has reduced its holdings in Newmont Corporation by 1.3%, selling 7,367 shares and now holding 539,978 shares valued at approximately $26 million.
• Institutional investors hold about 68.85% of Newmont's stock, indicating strong institutional confidence in the company.
• Newmont recently announced a quarterly dividend of $0.25 per share, with a yield of 1.4%, set to be paid on September 29th.

Sprott Inc. decreased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 539,978 shares of the basic materials company's stock after selling 7,367 shares during the period. Newmont accounts for about 1.4% of Sprott Inc.'s holdings, making the stock its 20th biggest holding. Sprott Inc.'s holdings in Newmont were worth $26,071,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SOA Wealth Advisors LLC. boosted its holdings in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new position in Newmont in the first quarter worth approximately $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 worth $27,000 after acquiring an additional 429 shares in the last quarter. Private Trust Co. NA boosted its holdings in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after acquiring an additional 347 shares in the last quarter. Finally, Nexus Investment Management ULC bought a new position in Newmont in the first quarter worth approximately $31,000. Institutional investors own 68.85% of the company's stock.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the sale, the director directly owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,246 shares of company stock valued at $1,373,251. 0.05% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Royal Bank Of Canada increased their price objective on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Raymond James Financial increased their price objective on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Finally, Scotiabank increased their price objective on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Monday, July 28th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Stock Performance

Shares of NEM traded up $1.39 on Tuesday, reaching $72.49. 10,706,185 shares of the company's stock traded hands, compared to its average volume of 11,780,427. 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 has a market cap of $79.63 billion, a PE ratio of 13.01, a PEG ratio of 0.84 and a beta of 0.30. The stock's 50 day simple moving average is $62.72 and its two-hundred day simple moving average is $54.33. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $72.79.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. The company had revenue of $5.32 billion during 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%.Newmont's revenue was up 20.8% on a year-over-year basis. During the same period last year, the business posted $0.72 earnings per share. On average, analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 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.