9,685 Shares of Newmont Corporation $NEM Acquired by Avestar Capital LLC

Key Points

• Avestar Capital acquired 9,685 Newmont shares worth approximately $1.12 million in the third quarter. Institutional investors collectively own 68.85% of Newmont, with BlackRock and State Street among the largest holders.
• Newmont reported stronger-than-expected quarterly results, posting $2.20 in EPS and $6.36 billion in revenue, while revenue rose 15.2% year over year. The company also declared a quarterly dividend of $0.26 per share, equivalent to a 1.0% annual yield.
• Newmont shares opened at $106.60 after declining 4.7%, while analysts maintained a “Moderate Buy” consensus and an average price target of $137.20. Company insiders sold 35,973 shares worth about $3.93 million over the past three months.

Avestar Capital LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 9,685 shares of the basic materials company's stock, valued at approximately $1,117,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Newmont during the second quarter worth approximately $11,289,753,000. State Street Corp raised 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 buying an additional 1,565,716 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Newmont by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 12,237,940 shares of the basic materials company's stock worth $1,324,757,000 after purchasing an additional 615,461 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Newmont by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,359,524 shares of the basic materials company's stock valued at $1,012,792,000 after acquiring an additional 184,586 shares during the period. Finally, Amundi lifted its stake in Newmont by 4.4% during the first quarter. Amundi now owns 8,780,775 shares of the basic materials company's stock worth $950,519,000 after purchasing an additional 372,415 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the transaction, the executive vice president owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction that occurred 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 directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 35,973 shares of company stock valued at $3,927,169. Insiders own 0.06% of the company's stock.

Newmont Trading Down 4.7%

Shares of NEM stock opened at $106.60 on Friday. The firm has a 50-day moving average price of $120.62 and a 200 day moving average price of $112.48. Newmont Corporation has a twelve month low of $78.60 and a twelve month high of $135.29. The company has a market capitalization of $110.78 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.95 and a beta of 0.51. 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 posted its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.26. The business had revenue of $6.36 billion during the quarter, compared to analyst estimates of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The company's revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.71 earnings per share. Research analysts forecast that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Stockholders 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 dividend yield of 1.0%. The ex-dividend date is Wednesday, November 25th. Newmont's dividend payout ratio is presently 12.09%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on NEM shares. Bank of America boosted their price target on shares of Newmont from $135.00 to $145.00 in a research note on Monday, August 17th. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Canadian Imperial Bank of Commerce set a $154.00 price objective on Newmont in a report on Friday, October 16th. RBC Dominion Securities set a $155.00 price target on Newmont and gave the company an "outperform" rating in a research report on Thursday, October 22nd. Finally, BNP Paribas Exane boosted their target price on Newmont from $102.00 to $112.00 and gave the company a "neutral" rating in a report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $137.20.

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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