16,730 Shares of Newmont Corporation $NEM Bought by McAlvany Wealth Management LLC

Key Points

• McAlvany Wealth Management purchased 16,730 Newmont shares worth approximately $1.93 million in the third quarter. Institutional investors collectively own 68.85% of Newmont.
• Analyst sentiment remains positive overall, with Newmont holding a consensus “Moderate Buy” rating and an average price target of $137.20, despite some recent target-price reductions.
• Newmont reported quarterly EPS of $2.20, exceeding expectations of $1.94, while revenue rose 15.2% year over year to $6.36 billion. The company also declared a quarterly dividend of $0.26 per share, implying a 1.0% annual yield.

McAlvany Wealth Management LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,730 shares of the basic materials company's stock, valued at approximately $1,930,000.

Several other institutional investors have also recently bought and sold shares of the business. Hourglass Capital LLC bought a new stake in Newmont during the 3rd quarter worth $13,066,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH bought a new stake in shares of Newmont during the 3rd quarter valued at about $814,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Newmont during the second quarter worth approximately $36,180,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Newmont during the 3rd quarter worth approximately $1,769,000. Finally, Asset One Wealth Management LLC bought a new stake in Newmont in the second quarter valued at $2,866,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Ratings Changes

NEM has been the subject of several recent research reports. Freedom Broker downgraded Newmont from a "buy" rating to a "hold" rating and decreased their price objective for the company from $130.00 to $116.00 in a report on Thursday, October 22nd. Citigroup lifted their target price on Newmont from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Tuesday, October 20th. Barclays reduced their price target on shares of Newmont from $124.00 to $123.00 and set an "overweight" rating for the company in a research report on Monday, October 19th. National Bank Financial reduced their price target on shares of Newmont from $140.00 to $135.00 and set a "sector perform" rating for the company in a research report on Tuesday, October 20th. Finally, TD raised their price objective on shares of Newmont from $127.00 to $133.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $137.20.

Newmont Stock Performance

Shares of NEM stock opened at $109.03 on Tuesday. The firm's 50 day moving average is $120.16 and its 200 day moving average is $112.46. The stock has a market capitalization of $113.31 billion, a P/E ratio of 12.68, a PEG ratio of 2.07 and a beta of 0.51. Newmont Corporation has a 12 month low of $78.60 and a 12 month high of $135.29. The company has a current ratio of 2.45, a quick ratio of 2.16 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.26. The business had revenue of $6.36 billion for the quarter, compared to analysts' expectations of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.71 EPS. On average, sell-side analysts anticipate that Newmont Corporation will post 9.11 earnings per share for the current year.

Newmont Dividend Announcement

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

Insider Activity

In related news, CFO Brian Tabolt sold 11,445 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Natascha Viljoen sold 7,764 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the sale, the chief executive officer owned 135,235 shares in the company, valued at $14,064,440. This represents a 5.43% 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. Over the last three months, insiders sold 32,973 shares of company stock worth $3,646,819. 0.06% of the stock is owned by corporate insiders.

Newmont Company 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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