40,323 Shares of Newmont Corporation $NEM Acquired by MGO One Seven LLC

Key Points

• MGO One Seven LLC acquired 40,323 Newmont shares worth approximately $4.65 million during the third quarter. Institutional investors collectively own 68.85% of Newmont.
• 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 maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $137.20; Newmont also declared a quarterly dividend of $0.26 per share.

MGO One Seven LLC acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 40,323 shares of the basic materials company's stock, valued at approximately $4,651,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont during the first quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new stake in shares of Newmont in the 3rd quarter worth approximately $28,000. Financial Management Professionals Inc. bought a new stake in shares of Newmont in the 3rd quarter worth approximately $30,000. Clearstead Trust LLC bought a new stake in shares of Newmont in the 2nd quarter worth approximately $25,000. Finally, Kilter Group LLC purchased a new stake in shares of Newmont in the 2nd quarter worth approximately $26,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the 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 sale, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont 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 completion of 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 32,973 shares of company stock worth $3,646,819. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NEM. RBC Dominion Securities set a $155.00 price objective on Newmont and gave the company an "outperform" rating in a research report on Thursday, October 22nd. TD Cowen lowered their price objective on Newmont from $133.00 to $131.00 in a research note on Tuesday, October 20th. Bank of America boosted their target price on Newmont from $135.00 to $145.00 in a report on Monday, August 17th. Wall Street Zen downgraded Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Finally, Argus set a $110.00 target price on Newmont and gave the stock a "buy" rating in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $137.20.

Newmont Stock Up 2.3%

Shares of Newmont stock opened at $109.03 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45. The stock has a market capitalization of $113.31 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51. Newmont Corporation has a 52-week low of $78.60 and a 52-week high of $135.29. The company has a 50-day simple moving average of $120.16 and a two-hundred day simple moving average of $112.46.

Newmont (NYSE:NEM - Get Free Report) last posted 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. The firm 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.71 earnings per share. On average, analysts anticipate that Newmont Corporation will post 9.11 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be given a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 annualized dividend and a yield of 1.0%. 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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