TigerOak Management L.L.C. Invests $233,000 in Newmont Corporation $NEM

Key Points

• TigerOak Management L.L.C. has invested approximately $233,000 in Newmont Corporation, acquiring 4,000 shares of the company's stock during the 2nd quarter.
• Newmont's recent earnings report revealed an earnings per share of $1.43, exceeding analysts' expectations of $0.95, with revenues for the quarter reaching $5.32 billion.
• The company announced a quarterly dividend of $0.25 per share, with a payout ratio of 17.95% and an annualized yield of 1.2%.

TigerOak Management L.L.C. bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,000 shares of the basic materials company's stock, valued at approximately $233,000.

Several other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Newmont by 8.9% during the first 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 period. Northern Trust Corp boosted its position in shares of Newmont by 1.5% during the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after acquiring an additional 191,940 shares in the last quarter. Amundi boosted its position in shares of Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock worth $611,187,000 after acquiring an additional 343,535 shares in the last quarter. Invesco Ltd. boosted its position in shares of Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock worth $518,936,000 after acquiring an additional 228,116 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Newmont by 15.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company's stock worth $423,572,000 after acquiring an additional 1,201,237 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Stock Performance

NYSE NEM opened at $83.45 on Thursday. The firm's fifty day moving average price is $70.97 and its two-hundred day moving average price is $59.15. The stock has a market cap of $91.66 billion, a PE ratio of 14.98, a PEG ratio of 0.98 and a beta of 0.34. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $86.62. 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 (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company's revenue was up 20.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 earnings per share. On average, equities analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business's 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 sale, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the completion of the sale, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,246 shares of company stock worth $1,253,559. Company insiders own 0.05% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on NEM shares. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Raymond James Financial increased their price target on shares of Newmont from $77.00 to $84.00 and gave the stock an "outperform" rating in a research report on Tuesday. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Stifel Nicolaus started coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target on the stock. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $73.38.

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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