Sunpointe LLC Raises Stock Holdings in Newmont Corporation $NEM

Sunpointe LLC raised its position in shares of Newmont Corporation (NYSE:NEM) by 419.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,391 shares of the basic materials company’s stock after acquiring an additional 22,115 shares during the period. Sunpointe LLC’s holdings in Newmont were worth $1,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. SOA Wealth Advisors LLC. increased its position in shares of Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 201 shares during the last quarter. Cloud Capital Management LLC bought a new position in shares of Newmont during the 1st quarter valued at approximately $26,000. Colonial Trust Advisors increased its position in shares of Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Private Trust Co. NA increased its position in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC bought a new position in shares of Newmont during the 1st quarter valued at approximately $31,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Down 0.4%

Shares of NYSE NEM opened at $79.07 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The stock has a market capitalization of $86.85 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 0.92 and a beta of 0.34. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $80.07. The business has a fifty day moving average price of $68.27 and a 200 day moving average price of $57.66.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The firm’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.72 EPS. Equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 1.3%. Newmont’s dividend payout ratio (DPR) is 17.95%.

Insider Buying and Selling at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares of the company’s stock, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,246 shares of company stock worth $1,253,559. 0.05% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NEM shares. Royal Bank Of Canada raised Newmont from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $66.00 to $95.00 in a research report on Wednesday, September 10th. BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. Stifel Canada raised Newmont to a “strong-buy” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $60.90 price objective on shares of Newmont in a research report on Tuesday, July 8th. Finally, National Bank Financial raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.38.

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.