AXQ Capital LP Takes Position in Newmont Corporation $NEM

Key Points

• AXQ Capital LP acquired 24,965 Newmont shares during the second quarter, valued at approximately $522,000. Institutional investors collectively own 68.85% of Newmont’s outstanding stock.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $132.73, despite several firms recently lowering their targets.
• Newmont exceeded quarterly earnings expectations, reporting $2.10 in EPS versus the $2.05 consensus estimate, and declared a quarterly dividend of $0.26 per share, representing a 0.8% annualized yield.

AXQ Capital LP acquired a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,965 shares of the basic materials company's stock, valued at approximately $522,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NEM. Pinnacle Bancorp Inc. purchased a new position in Newmont in the first quarter worth about $25,000. Cedar Mountain Advisors LLC purchased a new stake in shares of Newmont during the 1st quarter valued at about $25,000. Clearstead Trust LLC purchased a new stake in shares of Newmont during the 2nd quarter valued at about $25,000. Kilter Group LLC bought a new position in shares of Newmont in the 2nd quarter worth approximately $26,000. Finally, Swiss RE Ltd. bought a new position in shares of Newmont in the 4th quarter worth approximately $26,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on NEM. National Bank Financial cut their target price on shares of Newmont from $140.00 to $125.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. Canaccord Genuity Group decreased their price target on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. The Goldman Sachs Group dropped their price target on shares of Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. Wall Street Zen lowered Newmont from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, TD Securities raised Newmont from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $132.73.

Newmont Stock Performance

Newmont stock opened at $128.09 on Tuesday. The firm has a 50 day moving average of $107.85 and a 200 day moving average of $109.65. The firm has a market capitalization of $134.97 billion, a price-to-earnings ratio of 16.17, a P/E/G ratio of 1.80 and a beta of 0.52. Newmont Corporation has a 12-month low of $75.21 and a 12-month high of $135.29. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the previous year, the firm earned $1.43 earnings per share. As a group, research analysts predict that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont's dividend payout ratio is presently 13.13%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $369,000.00. Following the transaction, the executive vice president directly owned 37,315 shares in the company, valued at $4,589,745. The trade was a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 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 transaction, the chief financial officer directly owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,091 shares of company stock valued at $3,414,187 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

About Newmont

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.

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.