Townsquare Capital LLC Buys 16,676 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• Townsquare Capital LLC increased its stake in Newmont Corporation by 54.5% during the first quarter, owning 47,289 shares valued at approximately $2.28 million.
• Newmont announced a quarterly dividend of $0.25 per share, which will be paid on September 29, indicating an annualized yield of 1.5%.
• The company's earnings report showed a significant profit of $1.43 per share, surpassing analysts' expectations and reflecting a 20.8% increase in quarterly revenue compared to the previous year.

Townsquare Capital LLC increased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 54.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,289 shares of the basic materials company's stock after purchasing an additional 16,676 shares during the quarter. Townsquare Capital LLC's holdings in Newmont were worth $2,283,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Hemington Wealth Management raised its position in Newmont by 25.2% in the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock worth $46,000 after purchasing an additional 194 shares during the period. Ipswich Investment Management Co. Inc. raised its position in Newmont by 1.4% in the 1st quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock worth $689,000 after purchasing an additional 200 shares during the period. SOA Wealth Advisors LLC. raised 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 worth $25,000 after purchasing an additional 201 shares during the period. Rothschild Investment LLC raised its position in Newmont by 8.5% in the 1st quarter. Rothschild Investment LLC now owns 2,786 shares of the basic materials company's stock worth $135,000 after purchasing an additional 219 shares during the period. Finally, Twin Capital Management Inc. raised its position in Newmont by 0.7% in the 1st quarter. Twin Capital Management Inc. now owns 38,798 shares of the basic materials company's stock worth $1,873,000 after purchasing an additional 254 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

NEM has been the topic of a number of analyst reports. Royal Bank Of Canada boosted their price objective on shares of Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Stifel Nicolaus initiated coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective on the stock. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. UBS Group boosted their price objective on shares of Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Finally, National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the transaction, the director owned 41,026 shares in the company, valued at approximately $2,611,715.16. This represents a 4.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,246 shares of company stock worth $1,373,251. Corporate insiders own 0.05% of the company's stock.

Newmont Stock Up 1.2%

Shares of NYSE NEM traded up $0.84 during midday trading on Friday, hitting $69.32. The stock had a trading volume of 7,907,348 shares, compared to its average volume of 11,944,745. The business's 50 day moving average is $60.66 and its 200-day moving average is $52.92. The company has a market cap of $76.14 billion, a P/E ratio of 12.45, a PEG ratio of 0.81 and a beta of 0.30. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.29. 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 issued its earnings results 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. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. As a group, analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont's dividend 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.