21,600 Shares in Newmont Corporation $NEM Acquired by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors acquired 21,600 Newmont shares during the third quarter, valued at approximately $2.49 million. Institutional investors collectively own 68.85% of Newmont’s stock.
• Analysts maintain a generally positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $137.20. The company also exceeded quarterly earnings and revenue expectations, reporting $2.20 in EPS and $6.36 billion in revenue.
• Newmont declared a quarterly dividend of $0.26 per share, representing a $1.04 annualized payout and a 1.0% yield, while company insiders sold 32,973 shares worth approximately $3.65 million over the past 90 days.

Hennessy Advisors Inc. purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 21,600 shares of the basic materials company's stock, valued at approximately $2,491,000.

Other institutional investors also recently modified their holdings of the company. Accel Wealth Management raised its stake in Newmont by 0.8% during the second quarter. Accel Wealth Management now owns 14,744 shares of the basic materials company's stock worth $1,377,000 after buying an additional 115 shares during the last quarter. Compound Planning Inc. raised its position in shares of Newmont by 0.6% in the 1st quarter. Compound Planning Inc. now owns 21,192 shares of the basic materials company's stock worth $2,294,000 after acquiring an additional 121 shares in the last quarter. Center for Financial Planning Inc. lifted its stake in shares of Newmont by 6.7% in the 3rd quarter. Center for Financial Planning Inc. now owns 1,921 shares of the basic materials company's stock valued at $222,000 after purchasing an additional 121 shares during the period. Zhang Financial LLC lifted its stake in shares of Newmont by 0.8% in the 1st quarter. Zhang Financial LLC now owns 15,768 shares of the basic materials company's stock valued at $1,707,000 after purchasing an additional 124 shares during the period. Finally, Heartland Bank & Trust Co boosted its position in shares of Newmont by 3.0% during the 1st quarter. Heartland Bank & Trust Co now owns 4,331 shares of the basic materials company's stock valued at $469,000 after purchasing an additional 127 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NEM shares. Scotiabank dropped their price target on Newmont from $149.00 to $148.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 27th. Bank of America raised their price objective on shares of Newmont from $135.00 to $145.00 in a research report on Monday, August 17th. TD Securities upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada boosted their target price on shares of Newmont from $135.00 to $155.00 and gave the company an "outperform" rating in a research report on Wednesday, September 16th. Finally, Canadian Imperial Bank of Commerce set a $154.00 target price on shares of Newmont in a research note on Friday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Newmont has an average rating of "Moderate Buy" and a consensus price target of $137.20.

Insiders Place Their Bets

In other news, 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 transaction of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares of the company's stock, valued at $3,081,659.16. This represents a 28.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $344,430.00. Following the transaction, the executive vice president owned 34,315 shares of the company's stock, valued at $3,939,705.15. The trade was 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. Insiders sold 32,973 shares of company stock valued at $3,646,819 over the last ninety days. 0.06% of the stock is currently owned by insiders.

Newmont Stock Performance

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

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

Newmont Announces Dividend

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

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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