Wellington Management Group LLP Boosts Stock Holdings in Newmont Corporation $NEM

Key Points

• Wellington Management Group LLP increased its holdings in Newmont Corporation by 75.7% in the first quarter, now owning 318,247 shares valued at approximately $15.36 million.
• The firm announced a quarterly dividend of $0.25 per share, representing an annualized rate of $1.00 and a yield of 1.4%, to be paid on September 29th.
• Newmont's latest financial results revealed earnings per share of $1.43 for the quarter, significantly beating analyst estimates, with revenue reported at $5.32 billion.

Wellington Management Group LLP raised its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 75.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 318,247 shares of the basic materials company's stock after buying an additional 137,137 shares during the period. Wellington Management Group LLP's holdings in Newmont were worth $15,365,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. boosted its holdings in shares of Newmont by 64.0% during the first 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. Cloud Capital Management LLC purchased a new stake in shares of Newmont during the first quarter worth about $26,000. Private Trust Co. NA boosted its holdings in shares of Newmont by 122.6% during the first 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 during the period. Nexus Investment Management ULC purchased a new stake in shares of Newmont during the first quarter worth about $31,000. Finally, Alpine Bank Wealth Management purchased a new stake in shares of Newmont during the first quarter worth about $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the transaction, the director directly owned 41,026 shares in the company, valued at approximately $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of Newmont 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 of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,246 shares of company stock worth $1,373,251. Insiders own 0.05% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Raymond James Financial increased their target price on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Royal Bank Of Canada increased their target price on shares of Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $60.90 target price on shares of Newmont in a report on Tuesday, July 8th. Four analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Stock Performance

Shares of NEM opened at $72.49 on Wednesday. The company has a 50-day simple moving average of $63.00 and a two-hundred day simple moving average of $54.46. Newmont Corporation has a one year low of $36.86 and a one year high of $72.79. The firm has a market capitalization of $79.63 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the business earned $0.72 earnings per share. The business's revenue was up 20.8% on a year-over-year basis. On average, analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 dividend yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 17.95%.

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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