259,170 Shares in Newmont Corporation $NEM Acquired by Bfsg LLC

Key Points

• Bfsg LLC acquired 259,170 Newmont shares in the third quarter, worth about $29.9 million and representing 2.6% of its portfolio; Newmont is now its fifth-largest holding.
• Newmont reported quarterly earnings of $2.20 per share, beating estimates of $1.94, while revenue rose 15.2% year over year to $6.36 billion. Analysts’ consensus rating is “Moderate Buy,” with a $137.20 average price target.
• Executives reported stock sales, including the CEO’s sale of 3,882 shares and an EVP’s sale of 3,000 shares; both transactions were made under pre-arranged plans, and the CEO’s sale covered tax withholding on vested awards.

Bfsg LLC bought a new position in Newmont Corporation (NYSE:NEM - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 259,170 shares of the basic materials company's stock, valued at approximately $29,893,000. Newmont comprises 2.6% of Bfsg LLC's investment portfolio, making the stock its 5th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. BlackRock Inc. bought a new stake in Newmont during the 2nd quarter valued at approximately $11,289,753,000. State Street Corp grew its position in shares of Newmont by 3.1% during the 2nd quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock valued at $4,893,852,000 after acquiring an additional 1,565,716 shares during the period. Van ECK Associates Corp bought a new stake in shares of Newmont during the 2nd quarter valued at $671,197,000. Bank of New York Mellon Corp bought a new stake in Newmont in the 2nd quarter valued at $1,219,505,000. Finally, First Eagle Investment Management LLC bought a new stake in Newmont during the second quarter worth approximately $241,820,000. 68.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Natascha Viljoen sold 3,882 shares of the firm's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $108.04, for a total value of $419,411.28. Following the transaction, the chief executive officer directly owned 101,691 shares in the company, valued at approximately $10,986,695.64. This trade represents a 3.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $108.04, for a total value of $324,120.00. Following the transaction, the executive vice president owned 31,315 shares of the company's stock, valued at approximately $3,383,272.60. This represents a 8.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 20,646 shares of company stock valued at $2,380,140. 0.06% of the stock is owned by corporate insiders.

Newmont Price Performance

Shares of NYSE:NEM opened at $118.22 on Thursday. Newmont Corporation has a 12 month low of $80.49 and a 12 month high of $135.29. 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 market capitalization of $122.85 billion, a P/E ratio of 13.75, a P/E/G ratio of 1.96 and a beta of 0.56. The company's fifty day moving average price is $119.34 and its 200 day moving average price is $112.44.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.26. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The company had revenue of $6.36 billion during the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter in the prior year, the firm earned $1.71 EPS. Newmont's quarterly revenue was up 15.2% on a year-over-year basis. As a group, sell-side analysts predict that Newmont Corporation will post 9.11 earnings per share for the current fiscal 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 dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont's dividend payout ratio (DPR) is presently 12.09%.

Analyst Ratings Changes

A number of analysts recently weighed in on NEM shares. Jefferies Financial Group upped their price objective on shares of Newmont from $146.00 to $155.00 in a research note on Friday, October 9th. Barclays cut their target price on Newmont from $124.00 to $123.00 and set an "overweight" rating on the stock in a research report on Monday, October 19th. National Bank Financial dropped their price objective on shares of Newmont from $140.00 to $135.00 and set a "sector perform" rating on the stock in a report on Tuesday, October 20th. Royal Bank Of Canada increased their target price on shares of Newmont from $135.00 to $155.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 16th. Finally, RBC Dominion Securities set a $155.00 price objective on Newmont and gave the stock an "outperform" rating in a research note on Thursday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $137.20.

Key Headlines Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont’s strong free-cash-flow momentum is supporting investment in growth projects and additional shareholder returns, a potential fundamental tailwind. Article: Can Newmont's Strong Free Cash Flow Momentum Carry Into Q4?
• Positive Sentiment: Recent quarterly results also provide support: Newmont beat analyst expectations for earnings and revenue, with revenue up year over year. Newmont company information
• Negative Sentiment: Insider-sale reports may weigh modestly on sentiment. EVP Peter Toth sold 3,000 shares, while the reported executive transactions were made under pre-arranged plans; the CEO’s sale was described as covering tax withholding on vested awards, which reduces their significance as a signal about the company’s outlook. Article: Insider Selling: Newmont EVP Sells 3,000 Shares

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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