Avidian Wealth Enterprises LLC Purchases New Holdings in Newmont Corporation $NEM

Key Points

• Avidian Wealth Enterprises acquired 10,191 shares of Newmont worth approximately $1.18 million during the third quarter. Institutional investors and hedge funds collectively own 68.85% of the company.
• Analyst sentiment remains positive, with Newmont carrying a consensus “Moderate Buy” rating and an average price target of $134.26, despite some recent target reductions.
• Newmont reported quarterly EPS of $2.10, exceeding estimates, and maintains a quarterly dividend of $0.26, equivalent to an annualized $1.04 payout and a 0.9% yield.

Avidian Wealth Enterprises LLC acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,191 shares of the basic materials company's stock, valued at approximately $1,175,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NEM. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Newmont during the 2nd quarter valued at about $36,180,000. Asset One Wealth Management LLC acquired a new stake in Newmont during the second quarter worth about $2,866,000. Private Advisory Group LLC purchased a new position in Newmont during the second quarter worth about $10,430,000. Commerce Bank purchased a new position in Newmont during the second quarter worth about $3,418,000. Finally, Qtron Investments LLC boosted its holdings in Newmont by 63.5% in the 4th quarter. Qtron Investments LLC now owns 27,945 shares of the basic materials company's stock valued at $2,790,000 after purchasing an additional 10,853 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Activity

In other news, CEO Natascha Viljoen sold 3,882 shares of the firm'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 $445,692.42. Following the transaction, the chief executive officer directly owned 127,471 shares in the company, valued at approximately $14,634,945.51. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 Newmont stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of recent analyst reports. Royal Bank Of Canada raised their price target on shares of Newmont from $135.00 to $155.00 and gave the stock an "outperform" rating in a report on Wednesday, September 16th. Jefferies Financial Group lowered their price objective on Newmont from $158.00 to $146.00 and set a "buy" rating for the company in a research report on Monday, July 6th. Canaccord Genuity Group cut their target price on Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Finally, Argus set a $110.00 price target on Newmont in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus target price of $134.26.

Newmont Price Performance

Shares of 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. Newmont Corporation has a 1-year low of $76.05 and a 1-year high of $135.29. The stock has a market cap of $124.26 billion, a PE ratio of 14.89, a price-to-earnings-growth ratio of 1.62 and a beta of 0.51. The firm has a fifty day moving average price of $120.83 and a 200 day moving average price of $110.29.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%. During the same quarter last year, the company posted $1.43 earnings per share. As a group, sell-side analysts anticipate that Newmont Corporation will post 9.06 EPS for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd were paid a $0.26 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont's payout ratio is currently 13.13%.

About Newmont

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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