Teza Capital Management LLC Makes New Investment in Newmont Corporation $NEM

Key Points

• Teza Capital Management LLC has acquired a new position in Newmont Corporation, purchasing 7,353 shares valued at approximately $355,000 in the first quarter.
• Analysts have mixed ratings for Newmont, with Goldman Sachs maintaining a "neutral" stance while Stifel Canada upgraded it to "strong-buy," reflecting diverse expectations among market experts.
• Newmont has announced a quarterly dividend of $0.25 per share, which will be paid to investors on September 29th, representing a 1.3% annual yield.

Teza Capital Management LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,353 shares of the basic materials company's stock, valued at approximately $355,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SOA Wealth Advisors LLC. raised its stake 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 during the period. Cloud Capital Management LLC bought a new position in Newmont during the 1st quarter worth $26,000. Colonial Trust Advisors grew its holdings in shares of Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Private Trust Co. NA grew 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 worth $30,000 after purchasing an additional 347 shares in the last quarter. Finally, Nexus Investment Management ULC acquired a new stake in shares of Newmont during the 1st quarter worth $31,000. Institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $60.90 price objective on shares of Newmont in a research note on Tuesday, July 8th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. Macquarie downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Finally, Royal Bank Of Canada boosted their price objective on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Four research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.15.

Newmont Stock Performance

Shares of NEM opened at $75.84 on Tuesday. The stock's 50-day simple moving average is $65.96 and its 200 day simple moving average is $56.27. The stock has a market capitalization of $83.30 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 0.92 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. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $77.30.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 EPS. Research analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal 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 issued a dividend of $0.25 per share. 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 dividend payout ratio is 17.95%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated 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 owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,246 shares of company stock valued at $1,253,559. Corporate insiders own 0.05% of the company's stock.

About Newmont

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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