Sigma Planning Corp acquired a new stake in Newmont Corporation (NYSE:NEM – Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 9,605 shares of the basic materials company’s stock, valued at approximately $1,075,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cedar Mountain Advisors LLC acquired a new stake in Newmont in the 1st quarter valued at about $25,000. Clearstead Trust LLC acquired a new stake in shares of Newmont in the 2nd quarter valued at $25,000. Kilter Group LLC acquired a new position in shares of Newmont during the second quarter valued at $26,000. GoalVest Advisory LLC bought a new position in Newmont in the third quarter valued at about $28,000. Finally, Financial Management Professionals Inc. bought a new position in shares of Newmont in the 3rd quarter valued at about $30,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on NEM. Wall Street Zen lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. National Bank Financial lowered their target price on shares of Newmont from $140.00 to $135.00 and set a “sector perform” rating for the company in a report on Tuesday, October 20th. TD upped their target price on shares of Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Freedom Broker downgraded Newmont from a “buy” rating to a “hold” rating and cut their price target for the company from $130.00 to $116.00 in a research note on Thursday, October 22nd. Finally, Raymond James Financial restated an “outperform” rating and issued a $140.00 price target (up from $131.00) on shares of Newmont in a research report on Monday, August 24th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $137.20.
Read Our Latest Analysis on NEM
Newmont Price Performance
NEM opened at $111.65 on Friday. Newmont Corporation has a 12 month low of $78.60 and a 12 month high of $135.29. The company has a quick ratio of 2.16, a current ratio of 2.45 and a debt-to-equity ratio of 0.15. The stock has a market cap of $116.02 billion, a P/E ratio of 12.98, a P/E/G ratio of 2.07 and a beta of 0.51. The company has a fifty day simple moving average of $121.04 and a 200 day simple moving average of $112.51.
Newmont (NYSE:NEM – Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.26. The firm had revenue of $6.36 billion for the quarter, compared to the consensus estimate of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the business posted $1.71 EPS. On average, research analysts expect that Newmont Corporation will post 9.14 EPS for the current year.
Newmont Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 12.09%.
Insider Activity
In related news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $445,692.42. Following the completion of the transaction, the chief executive officer owned 127,471 shares of the company’s stock, valued at $14,634,945.51. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated 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 directly owned 34,315 shares of the company’s stock, valued at $3,939,705.15. This represents a 8.04% 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 ninety days, insiders sold 35,973 shares of company stock worth $3,927,169. Corporate insiders own 0.06% of the company’s stock.
Newmont Profile
Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.
Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.
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