150,000 Shares in Newmont Corporation $NEM Acquired by Generate Investment Management Ltd

Key Points

• Generate Investment Management acquired 150,000 Newmont shares worth approximately $17.3 million in the third quarter. Institutional investors and hedge funds collectively own 68.85% of the company.
• Analysts maintain a generally positive outlook, with Newmont carrying a consensus “Moderate Buy” rating and an average price target of $134.26, despite several recent target-price reductions.
• Newmont reported quarterly earnings of $2.10 per share, exceeding estimates, and pays a quarterly dividend of $0.26 per share, equivalent to a 0.9% annualized yield.

Generate Investment Management Ltd bought a new position in Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 150,000 shares of the basic materials company's stock, valued at approximately $17,301,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Newmont during the second quarter worth about $36,180,000. Asset One Wealth Management LLC purchased a new position in Newmont during the second quarter valued at approximately $2,866,000. Private Advisory Group LLC purchased a new position in Newmont during the second quarter valued at approximately $10,430,000. Commerce Bank acquired a new position in Newmont in the second quarter valued at approximately $3,418,000. Finally, Capital Financial Group Inc. Co. ADV acquired a new position in Newmont in the second quarter valued at approximately $1,135,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the sale, the executive vice president directly owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. The trade was a 8.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 company'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 transaction, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,973 shares of company stock worth $3,927,169 in the last 90 days. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of analyst reports. UBS Group dropped their price objective on shares of Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. The Goldman Sachs Group decreased their target price on shares of Newmont from $122.50 to $111.40 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Sanford C. Bernstein lowered their price target on shares of Newmont from $147.00 to $144.00 and set an "outperform" rating on the stock in a report on Wednesday, September 9th. Weiss Ratings upgraded shares of Newmont from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, October 2nd. Finally, Scotiabank lifted their price objective on shares of Newmont from $147.00 to $149.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $134.26.

Newmont Price Performance

Shares of Newmont stock traded down $4.51 during trading hours on Wednesday, reaching $111.08. 2,292,003 shares of the company's stock were exchanged, compared to its average volume of 8,562,386. Newmont Corporation has a 1 year low of $76.05 and a 1 year high of $135.29. The company has a market capitalization of $117.04 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 2.17 and a beta of 0.51. The business has a fifty day moving average of $121.61 and a two-hundred day moving average of $110.60. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the previous year, the business posted $1.43 earnings per share. As a group, research analysts predict that Newmont Corporation will post 9.05 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 28th. Stockholders 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 dividend yield of 0.9%. Newmont's dividend payout ratio (DPR) is currently 13.13%.

Newmont Profile

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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