Sunpointe LLC Boosts Holdings in Newmont Corporation $NEM

Key Points

• Sunpointe LLC significantly increased its stake in Newmont Corporation by 419.2% in the second quarter, now holding 27,391 shares valued at approximately $1.6 million.
• Newmont announced a quarterly dividend of $0.25 per share, reflecting an annual yield of 1.3%, with the next payment scheduled for September 29th.
• Analysts have shown mixed sentiments towards Newmont, with some upgrades to "outperform" and "strong-buy" ratings, while others have downgraded to "hold." The consensus rating remains "Moderate Buy."

Sunpointe LLC lifted its stake in Newmont Corporation (NYSE:NEM - Free Report) by 419.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,391 shares of the basic materials company's stock after purchasing an additional 22,115 shares during the quarter. Sunpointe LLC's holdings in Newmont were worth $1,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after purchasing an additional 1,306,783 shares during the last quarter. Northern Trust Corp raised its position in shares of Newmont by 1.5% in the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after purchasing an additional 191,940 shares during the last quarter. Amundi increased its holdings in Newmont by 2.8% in the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock worth $611,187,000 after buying an additional 343,535 shares in the last quarter. Invesco Ltd. increased its holdings in Newmont by 2.2% in the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock worth $518,936,000 after buying an additional 228,116 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Newmont by 16.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock worth $350,166,000 after buying an additional 1,331,278 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. BNP Paribas downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. CIBC set a $74.00 price objective on Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Four analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $67.38.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the company's 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 $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. This represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the sale, the director directly owned 38,949 shares in the company, valued at $2,905,205.91. This trade represents a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,246 shares of company stock valued at $1,253,559. Corporate insiders own 0.05% of the company's stock.

Newmont Stock Down 0.4%

NYSE NEM opened at $79.07 on Wednesday. The stock's 50 day moving average is $68.27 and its 200 day moving average is $57.66. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $80.07. The stock has a market cap of $86.85 billion, a PE ratio of 14.20, a P/E/G ratio of 0.92 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping 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 company had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. During the same period in the previous year, the firm earned $0.72 EPS. The firm's revenue was up 20.8% compared to the same quarter last year. Research analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

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 issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Newmont's payout ratio is currently 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.

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