Patton Fund Management Inc. Lowers Stock Position in Newmont Corporation $NEM

Patton Fund Management Inc. reduced its position in shares of Newmont Corporation (NYSE:NEM) by 63.8% during the first quarter, Holdings Channel reports. The firm owned 29,754 shares of the basic materials company’s stock after selling 52,534 shares during the period. Patton Fund Management Inc.’s holdings in Newmont were worth $3,221,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NEM. GoalVest Advisory LLC bought a new position in shares of Newmont during the 4th quarter worth approximately $25,000. Swiss RE Ltd. purchased a new position in shares of Newmont in the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC increased its position in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 206 shares during the last quarter. Lodestone Wealth Management LLC bought a new stake in Newmont during the fourth quarter worth $28,000. Finally, Laurel Wealth Advisors LLC bought a new stake in Newmont during the fourth quarter worth $30,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

NEM opened at $96.09 on Monday. The company has a market capitalization of $102.58 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.59 and a beta of 0.42. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $107.94 and a 200-day moving average price of $110.94. Newmont Corporation has a twelve month low of $55.37 and a twelve month high of $134.88.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont’s revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 EPS. Equities analysts expect that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.1%. Newmont’s payout ratio is presently 13.49%.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares in the company, valued at approximately $4,877,895.80. The trade was a 6.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 28,556 shares of company stock worth $3,120,276. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on NEM shares. Macquarie Infrastructure cut their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a research report on Monday, June 15th. Canaccord Genuity Group lifted their target price on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Zacks Research upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. TD Cowen reissued a “buy” rating on shares of Newmont in a report on Monday, April 27th. Finally, The Goldman Sachs Group reduced their price target on shares of Newmont from $125.10 to $122.50 and set a “buy” rating for the company in a research report on Thursday, June 4th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price of $140.50.

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.