12,647 Shares of Newmont Corporation $NEM Bought by VestGen Advisors LLC

Key Points

• VestGen Advisors acquired 12,647 Newmont shares worth approximately $1.46 million in the third quarter, while institutional investors collectively own 68.85% of the company.
• Newmont exceeded quarterly expectations, reporting $2.20 EPS versus the $1.94 consensus and $6.36 billion in revenue, up 15.2% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $137.20.
• Insiders sold 35,973 shares worth roughly $3.93 million over the past 90 days, while Newmont announced a quarterly dividend of $0.26 per share, representing a 1.0% annualized yield.

VestGen Advisors LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,647 shares of the basic materials company's stock, valued at approximately $1,459,000.

A number of other hedge funds also recently made changes to their positions in NEM. Cedar Mountain Advisors LLC bought a new position in Newmont during the 1st quarter worth approximately $25,000. GoalVest Advisory LLC bought a new stake in shares of Newmont in the 3rd quarter valued at $28,000. Financial Management Professionals Inc. bought a new position in Newmont during the third quarter worth $30,000. Clearstead Trust LLC acquired a new position in Newmont in the second quarter valued at $25,000. Finally, Kilter Group LLC acquired a new position in Newmont in the second quarter valued at $26,000. 68.85% of the stock is currently owned by institutional investors.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the firm'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 sale, the chief executive officer directly owned 127,471 shares in the company, valued at $14,634,945.51. The trade was a 2.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 35,973 shares of company stock valued at $3,927,169. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NEM shares. Argus set a $110.00 price target on Newmont and gave the company a "buy" rating in a research note on Monday, August 3rd. The Goldman Sachs Group reduced their price objective on shares of Newmont from $127.50 to $119.00 in a research report on Thursday, October 8th. Canaccord Genuity Group dropped their price objective on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Bank of America upped their price objective on shares of Newmont from $135.00 to $145.00 in a report on Monday, August 17th. Finally, Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and a consensus price target of $137.20.

Newmont Price Performance

NEM opened at $106.60 on Friday. The firm has a 50-day moving average price of $120.62 and a 200-day moving average price of $112.48. The company has a market capitalization of $110.78 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 2.04 and a beta of 0.51. Newmont Corporation has a twelve month low of $78.60 and a twelve 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.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping 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 business's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.71 earnings per share. Equities analysts expect that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, November 25th. Newmont's dividend payout ratio is currently 12.09%.

About Newmont

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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