ABN AMRO Bank N.V. purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 330,455 shares of the basic materials company's stock, valued at approximately $31,189,000.
Other institutional investors have also modified their holdings of the company. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont during the 1st quarter worth about $25,000. Cedar Mountain Advisors LLC acquired a new position in shares of Newmont in the first quarter valued at approximately $25,000. Clearstead Trust LLC acquired a new position in shares of Newmont in the second quarter valued at approximately $25,000. Swiss RE Ltd. purchased a new position in shares of Newmont during the fourth quarter valued at approximately $26,000. Finally, JPL Wealth Management LLC purchased a new position in shares of Newmont during the third quarter valued at approximately $27,000. Hedge funds and other institutional investors own 68.85% of the company's stock.
More Newmont News
Here are the key news stories impacting Newmont this week:
- Positive Sentiment: New Nevada earn-in agreement: Newmont signed an agreement with Headwater Gold to earn an interest in the Jupiter Project, a potential district-scale epithermal gold project in Nevada. The deal expands Newmont’s exploration pipeline and could provide additional future resource growth. Headwater Gold and Newmont sign earn-in agreement for Jupiter project
- Positive Sentiment: Gold-market support: Gold prices near record levels are improving the outlook for gold producers such as Newmont and have been a major factor behind the company’s recent rally. Newmont’s Nevada agreements, including the Jupiter earn-in and its Spring Peak joint venture, further support investor interest in future production growth. Is Newmont in the spotlight as gold sits near record highs?
- Positive Sentiment: Optimistic analyst outlook: TD Securities and Scotiabank reportedly expect further appreciation in Newmont’s stock. Recent analyst targets compiled in market commentary show a median target of approximately $145.50, above the current trading level, although targets remain sensitive to gold prices and operating execution. Newmont stock price expected to rise, TD analyst says
- Positive Sentiment: Unusual options activity: Traders purchased 47,733 NEM call options, roughly 119% above average call volume. This indicates heightened bullish positioning, though options activity can also reflect short-term speculation rather than a change in fundamentals.
- Neutral Sentiment: Valuation debate: One analysis estimates Newmont could be about 19% undervalued following its Nevada deals, while another notes that the recent rally may already reflect much of the benefit from higher gold prices. Newmont could be 19% undervalued following Nevada gold deals
- Negative Sentiment: Operating risks and profit-taking: Analysts continue to flag lower production, rising costs and potentially weaker estimates. Investors are also monitoring uncertainty surrounding Nevada Gold Mines, Barrick’s Fourmile project and the valuation of the joint venture.
- Negative Sentiment: Insider selling: Reported insider activity shows 15 open-market sales and no purchases over the past six months, including sales by senior executives. This may weigh on sentiment, though insider transactions do not necessarily indicate a change in the company’s outlook.
Newmont Stock Up 3.2%
NEM opened at $117.80 on Friday. Newmont Corporation has a 1 year low of $67.20 and a 1 year high of $134.88. The firm has a 50 day moving average price of $98.93 and a 200 day moving average price of $108.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The company has a market cap of $124.12 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47.
Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. During the same period in the previous year, the company posted $1.43 earnings per share. Sell-side analysts expect that Newmont Corporation will post 9 earnings per share for the current year.
Newmont Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's payout ratio is presently 13.13%.
Wall Street Analysts Forecast Growth
Several analysts have commented on NEM shares. Jefferies Financial Group lowered their target price on shares of Newmont from $158.00 to $146.00 and set a "buy" rating for the company in a research note on Monday, July 6th. BMO Capital Markets lowered their price objective on Newmont from $145.00 to $135.00 and set an "outperform" rating for the company in a research report on Tuesday, June 23rd. TD Cowen reiterated a "buy" rating on shares of Newmont in a research note on Monday, April 27th. Canadian Imperial Bank of Commerce set a $170.00 target price on Newmont in a research report on Friday. Finally, Raymond James Financial decreased their price target on Newmont from $139.00 to $137.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and an average target price of $132.59.
Read Our Latest Report on Newmont
Insider Buying and Selling
In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president directly owned 40,315 shares in the company, valued at approximately $3,767,436.75. This represents a 6.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 dated Wednesday, August 5th. The stock was 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 directly owned 29,324 shares of the company's stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 32,091 shares of company stock valued at $3,292,513. Company insiders own 0.06% of the company's stock.
About Newmont
(
Free Report)
Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.
Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.
Read More
Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Newmont, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Newmont wasn't on the list.
While Newmont currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
