33,300 Newmont Corporation $NEM Shares Acquired by Oak Grove Capital LLC

Key Points

• Oak Grove Capital increased its Newmont stake by 235.6% in the third quarter, acquiring 33,300 shares and bringing its holdings to 47,436 shares valued at approximately $5.47 million.
• Newmont reported quarterly EPS of $2.10, exceeding estimates of $2.05, while revenue came in at $6.12 billion. The company also maintains a $0.26 quarterly dividend, equivalent to a 0.9% yield.
• Analysts hold a generally positive view, with a “Moderate Buy” consensus rating and an average price target of $134.26, although company insiders sold 35,973 shares over the past 90 days.

Oak Grove Capital LLC grew its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 235.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,436 shares of the basic materials company's stock after acquiring an additional 33,300 shares during the quarter. Oak Grove Capital LLC's holdings in Newmont were worth $5,471,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. acquired a new position in shares of Newmont during the first quarter worth about $25,000. Cedar Mountain Advisors LLC bought a new position in Newmont during the 1st quarter worth approximately $25,000. Clearstead Trust LLC bought a new position in Newmont during the second quarter worth $25,000. Kilter Group LLC bought a new position in shares of Newmont in the 2nd quarter worth about $26,000. Finally, GoalVest Advisory LLC bought a new position in shares of Newmont during the third quarter valued at approximately $28,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Price Performance

NYSE:NEM opened at $117.93 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The company has a fifty day moving average price of $120.83 and a 200 day moving average price of $110.29. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. The stock has a market cap of $124.26 billion, a P/E ratio of 14.89, a PEG ratio of 1.62 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%. 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 company posted $1.43 earnings per share. Analysts anticipate that Newmont Corporation will post 9.06 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Thursday, September 3rd. Newmont's payout ratio is 13.13%.

Analysts Set New Price Targets

A number of research firms recently weighed in on NEM. TD Securities raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Barclays lowered their target price on Newmont from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Tuesday, July 28th. National Bank Financial upped their price target on Newmont from $120.00 to $140.00 and gave the company a "sector perform" rating in a report on Monday, September 21st. Royal Bank Of Canada upped their price objective on shares of Newmont from $135.00 to $155.00 and gave the company an "outperform" rating in a research note on Wednesday, September 16th. Finally, BNP Paribas Exane decreased their target price on Newmont from $111.00 to $102.00 and set a "neutral" rating for the company in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $134.26.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 34,315 shares in the company, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, 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. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is currently owned by corporate insiders.

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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