Sunpointe LLC Invests $255,000 in Newmont Corporation (NYSE:NEM)

Key Points

• Sunpointe LLC acquired 5,276 shares of Newmont Corporation (NYSE:NEM), valued at approximately $255,000, marking a new investment position in the company.
• A variety of institutional investors significantly increased their stakes in Newmont during the first quarter, with Pacer Advisors boosting its stake by 4,203.5% to over 5.37 million shares, valued at about $259.6 million.
• Analysts have shown positive sentiment towards Newmont, with UBS raising its price target from $60.00 to $68.00, while the stock maintains a consensus rating of "Moderate Buy" and a target price of $62.49.

Sunpointe LLC bought a new position in Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,276 shares of the basic materials company's stock, valued at approximately $255,000.

Several other large investors also recently modified their holdings of the business. SOA Wealth Advisors LLC. lifted its position in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new position in Newmont in the 1st quarter valued at approximately $26,000. Private Trust Co. NA lifted 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 bought a new position in shares of Newmont during the 1st quarter valued at $31,000. Finally, Alpine Bank Wealth Management bought a new position in shares of Newmont during the 1st quarter valued at $32,000. 68.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on NEM shares. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday. Scotiabank boosted their price objective on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Monday. UBS Group lifted their price target on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, six have issued 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 presently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the transaction, the director directly owned 43,103 shares in the company, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the sale, the executive vice president directly owned 77,526 shares of the company's stock, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,231 shares of company stock valued at $679,813. 0.05% of the stock is owned by company insiders.

Newmont Trading Down 2.6%

Shares of NYSE:NEM traded down $1.68 during trading on Wednesday, reaching $62.31. The stock had a trading volume of 10,284,165 shares, compared to its average volume of 12,193,298. The stock has a market cap of $68.44 billion, a P/E ratio of 11.19, a PEG ratio of 0.91 and a beta of 0.33. The business has a fifty day moving average price of $57.54 and a 200-day moving average price of $50.89. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $66.57. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

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, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the prior year, the business earned $0.72 earnings per share. The business's quarterly revenue was up 20.8% compared to the same quarter last year. As a group, analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.60%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is currently 17.95%.

Newmont Company 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.