Westport Asset Management Inc. Invests $514,000 in Newmont Corporation $NEM

Westport Asset Management Inc. purchased a new position in Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,505 shares of the basic materials company’s stock, valued at approximately $514,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NEM. Abacus FCF Advisors LLC purchased a new position in Newmont during the second quarter valued at $4,485,000. Madison Asset Management LLC bought a new stake in Newmont in the second quarter worth $6,304,000. Csenge Advisory Group purchased a new stake in shares of Newmont in the second quarter worth $240,000. AssuredPartners Investment Advisors LLC purchased a new stake in shares of Newmont in the second quarter worth $206,000. Finally, Johnson Financial Group Inc. bought a new position in shares of Newmont during the second quarter valued at $2,719,000. Institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

NEM has been the subject of several recent analyst reports. Raymond James Financial lowered their price target on Newmont from $139.00 to $137.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. Weiss Ratings downgraded shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. TD raised their price objective on shares of Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Jefferies Financial Group decreased their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a report on Monday, July 6th. Finally, Canadian Imperial Bank of Commerce set a $170.00 target price on shares of Newmont in a research note on Friday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $132.59.

Newmont Stock Up 7.9%

NEM stock opened at $125.18 on Thursday. The stock has a market capitalization of $131.90 billion, a P/E ratio of 15.81, a P/E/G ratio of 1.20 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. Newmont Corporation has a 1-year low of $67.69 and a 1-year high of $134.88. The business has a fifty day moving average price of $100.36 and a 200-day moving average price of $108.69.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion for the quarter, compared to analysts’ expectations of $6.35 billion. During the same period last year, the firm posted $1.43 earnings per share. Equities analysts forecast that Newmont Corporation will post 8.99 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.8%. Newmont’s dividend payout ratio is currently 13.13%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,091 shares of company stock valued at $3,292,513 in the last 90 days. 0.06% of the stock is currently owned by insiders.

About Newmont

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.