Wolverine Asset Management LLC Acquires 8,000 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• Wolverine Asset Management LLC increased its stake in Newmont Corporation by 66.7%, acquiring an additional 8,000 shares, bringing its total to 20,000 shares worth $966,000.
• Newmont reported a 20.8% increase in quarterly revenue year-over-year, totaling $5.32 billion, with earnings per share of $1.43, exceeding analysts' estimates by $0.48.
• The company recently declared a quarterly dividend of $0.25 per share, with a yield of 1.5%, set to be paid on September 29th.

Wolverine Asset Management LLC lifted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 66.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,000 shares of the basic materials company's stock after purchasing an additional 8,000 shares during the period. Wolverine Asset Management LLC's holdings in Newmont were worth $966,000 at the end of the most recent reporting period.

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

Insider Activity at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was 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 $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,246 shares of company stock worth $1,373,251 in the last 90 days. Company insiders own 0.05% of the company's stock.

Newmont Stock Down 0.2%

NEM opened at $68.96 on Friday. The company has a market cap of $75.75 billion, a P/E ratio of 12.38, a P/E/G ratio of 0.84 and a beta of 0.30. The business's 50-day moving average price is $59.58 and its 200-day moving average price is $52.25. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $70.29.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 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 return on equity of 17.86% and a net margin of 30.50%. The company's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.72 earnings per share. On average, equities analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared 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. This represents a $1.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NEM. Stifel Canada raised Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada upped their price target on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. UBS Group upped their price target on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Finally, CIBC set a $74.00 price target on Newmont and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $64.58.

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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