Westport Asset Management Inc. Acquires New Stake in Newmont Corporation $NEM

Westport Asset Management Inc. bought a new stake in Newmont Corporation (NYSE:NEM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,505 shares of the basic materials company’s stock, valued at approximately $514,000.

Several other institutional investors and hedge funds have also bought and sold shares of NEM. Brighton Jones LLC grew its stake in shares of Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares during the period. Woodline Partners LP lifted its stake in shares of Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after purchasing an additional 27,813 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Newmont in the 2nd quarter worth approximately $240,000. Cerity Partners LLC boosted its holdings in shares of Newmont by 108.9% in the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after buying an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after buying an additional 3,856 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the transaction, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the sale, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. The trade was a 6.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 32,091 shares of company stock valued at $3,292,513. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NEM has been the subject of several recent research reports. Raymond James Financial cut their target price on shares of Newmont from $139.00 to $137.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. UBS Group decreased their price target on shares of Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Citigroup dropped their price target on shares of Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Macquarie Infrastructure cut their price objective on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research report on Monday, June 15th. Finally, Wall Street Zen lowered Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $132.59.

Newmont Trading Up 7.9%

Shares of NYSE:NEM opened at $125.18 on Thursday. The stock has a 50 day moving average of $100.36 and a 200 day moving average of $108.69. The company has a market cap of $131.90 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 1.20 and a beta of 0.47. Newmont Corporation has a 12-month low of $67.69 and a 12-month high of $134.88. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the previous year, the firm earned $1.43 earnings per share. As a group, equities research analysts expect that Newmont Corporation will post 8.99 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. Newmont’s payout ratio is currently 13.13%.

Newmont Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.