41,321 Shares of Newmont Corporation $NEM Acquired by Soltis Investment Advisors LLC

Key Points

• Soltis Investment Advisors acquired 41,321 Newmont shares worth approximately $4.77 million in the third quarter, while institutional investors overall own 68.85% of the company.
• Newmont reported stronger-than-expected quarterly results, with EPS of $2.20 versus the $1.94 consensus estimate and revenue of $6.36 billion, up 15.2% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $137.20 price target; Newmont also declared a quarterly dividend of $0.26 per share.

Soltis Investment Advisors LLC bought a new position in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 41,321 shares of the basic materials company's stock, valued at approximately $4,766,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. United Asset Strategies Inc. purchased a new position in shares of Newmont during the third quarter worth about $418,000. Choreo LLC purchased a new stake in Newmont in the third quarter valued at approximately $2,433,000. Childress Capital Advisors LLC purchased a new stake in Newmont in the third quarter valued at approximately $1,051,000. D.A. Davidson & CO. purchased a new stake in Newmont in the third quarter valued at approximately $3,197,000. Finally, BOKF NA lifted its position in Newmont by 10.5% during the third quarter. BOKF NA now owns 79,113 shares of the basic materials company's stock valued at $9,125,000 after purchasing an additional 7,525 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Natascha Viljoen sold 3,882 shares of the business's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $445,692.42. Following the completion of the sale, the chief executive officer directly owned 127,471 shares of the company's stock, valued at $14,634,945.51. This represents a 2.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 35,973 shares of company stock valued at $3,927,169. Corporate insiders own 0.06% of the company's stock.

Newmont Stock Performance

Shares of NYSE NEM opened at $111.65 on Friday. The stock's 50-day moving average is $121.04 and its 200 day moving average is $112.51. The stock has a market cap of $116.02 billion, a price-to-earnings ratio of 12.98, a P/E/G ratio of 2.07 and a beta of 0.51. Newmont Corporation has a 1-year low of $78.60 and a 1-year 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, topping the consensus estimate of $1.94 by $0.26. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The business had revenue of $6.36 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same quarter in the prior year, the firm earned $1.71 earnings per share. Newmont's revenue for the quarter was up 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that Newmont Corporation will post 9.14 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be paid a $0.26 dividend. 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 is 12.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. TD boosted their price target on shares of Newmont from $127.00 to $133.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. 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. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. BNP Paribas Exane lifted their price objective on shares of Newmont from $102.00 to $112.00 and gave the stock a "neutral" rating in a report on Monday, August 17th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $140.00 target price (up from $131.00) on shares of Newmont in a research report on Monday, August 24th. Two equities research 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 company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.20.

About Newmont

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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