TriaGen Wealth Management LLC Makes New Investment in Newmont Corporation (NYSE:NEM)

Key Points

• TriaGen Wealth Management LLC invested approximately $452,000 in Newmont Corporation by acquiring 9,357 shares in the first quarter.
• Newmont reported $1.43 earnings per share (EPS) in its latest quarter, significantly outperforming analysts' expectations of $0.95, with revenue increasing by 20.8% year-over-year.
• The company announced a quarterly dividend of $0.25, providing a 1.4% yield, with a payout ratio of 17.95%.

TriaGen Wealth Management LLC bought a new position in Newmont Corporation (NYSE:NEM - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 9,357 shares of the basic materials company's stock, valued at approximately $452,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. increased its stake in Newmont by 13.2% in the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock valued at $569,000 after buying an additional 1,379 shares during the period. First Trust Advisors LP lifted its position in Newmont by 9.9% in the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock worth $3,575,000 after buying an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Newmont in the 1st quarter worth approximately $423,000. Spire Wealth Management lifted its position in Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after buying an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in Newmont in the 1st quarter worth approximately $202,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Performance

NYSE:NEM opened at $69.32 on Friday. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $70.29. The firm's fifty day simple moving average is $61.00 and its 200 day simple moving average is $53.19. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $76.14 billion, a PE ratio of 12.45, a PEG ratio of 0.82 and a beta of 0.30.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the business posted $0.72 EPS. Newmont's revenue was up 20.8% compared to the same quarter last year. On average, sell-side analysts anticipate 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. Investors of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Argus set a $63.00 target price on shares of Newmont in a research report on Friday, April 25th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Scotiabank increased their target price on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. UBS Group increased their target price on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. 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 analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.58.

Insider Activity at Newmont

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

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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