Adams Asset Advisors LLC bought a new position in shares of Newmont Corporation (NYSE:NEM – Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 189,307 shares of the basic materials company’s stock, valued at approximately $21,835,000. Newmont makes up 2.0% of Adams Asset Advisors LLC’s investment portfolio, making the stock its 11th biggest position.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC purchased a new position in Newmont in the first quarter worth about $25,000. Pinnacle Bancorp Inc. purchased a new stake in Newmont during the first quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new stake in shares of Newmont in the 3rd quarter valued at approximately $28,000. Clearstead Trust LLC purchased a new position in shares of Newmont in the 2nd quarter worth approximately $25,000. Finally, Kilter Group LLC bought a new position in shares of Newmont during the 2nd quarter valued at approximately $26,000. Institutional investors own 68.85% of the company’s stock.
Wall Street Analysts Forecast Growth
NEM has been the subject of a number of analyst reports. Canadian Imperial Bank of Commerce set a $170.00 price target on Newmont in a research report on Friday, August 14th. Wall Street Zen cut Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Canaccord Genuity Group reduced their price target on Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Sanford C. Bernstein dropped their price objective on Newmont from $147.00 to $144.00 and set an “outperform” rating for the company in a report on Wednesday, September 9th. Finally, Royal Bank Of Canada increased their target price on Newmont from $135.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $134.26.
Newmont Stock Up 1.7%
NYSE NEM traded up $1.92 during trading on Thursday, reaching $115.46. 5,432,489 shares of the company’s stock traded hands, compared to its average volume of 8,664,604. Newmont Corporation has a 12-month low of $76.05 and a 12-month high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The firm has a market cap of $121.66 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.62 and a beta of 0.51. The company’s 50 day simple moving average is $119.95 and its two-hundred day simple moving average is $110.09.
Newmont (NYSE:NEM – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same quarter in the prior year, the company earned $1.43 EPS. As a group, sell-side analysts forecast that Newmont Corporation will post 9.1 EPS for the current fiscal year.
Newmont Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd were issued a dividend of $0.26 per share. The ex-dividend date was Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont’s dividend payout ratio is currently 13.13%.
Insider Buying and Selling at Newmont
In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $344,430.00. Following the sale, the executive vice president owned 34,315 shares of the company’s stock, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is currently owned by corporate insiders.
About Newmont
Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.
Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.
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