Balefire LLC Acquires New Holdings in Newmont Corporation $NEM

Key Points

• Balefire LLC acquired 12,581 Newmont shares in the third quarter, valued at approximately $1.45 million. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $134.26. Recent actions included upgrades from Weiss Ratings and TD Securities.
• Newmont shares traded at $117.93, while the company reported quarterly EPS of $2.10, slightly above expectations, and maintains a quarterly dividend of $0.26 per share, yielding about 0.9%.

Balefire LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 12,581 shares of the basic materials company's stock, valued at approximately $1,451,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NEM. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont during the first quarter worth about $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont in the 1st quarter valued at about $25,000. GoalVest Advisory LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at about $28,000. Clearstead Trust LLC purchased a new position in Newmont during the 2nd quarter worth approximately $25,000. Finally, Kilter Group LLC acquired a new position in Newmont during the second quarter worth approximately $26,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $344,430.00. Following the sale, the executive vice president owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. The trade was a 8.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $445,692.42. Following the transaction, the chief executive officer owned 127,471 shares in the company, valued at $14,634,945.51. The trade was a 2.96% decrease in their position. 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. Insiders sold a total of 35,973 shares of company stock worth $3,927,169 over the last 90 days. Company insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NEM shares. Macquarie Infrastructure decreased their price objective on Newmont from $133.00 to $123.00 and set an "outperform" rating for the company in a report on Monday, June 15th. Jefferies Financial Group cut their target price on shares of Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a report on Monday, July 6th. Weiss Ratings upgraded shares of Newmont from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, October 2nd. TD increased 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. Finally, TD Securities upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $134.26.

Newmont Stock Performance

Shares of NYSE NEM traded up $2.38 during mid-day trading on Friday, hitting $117.93. 4,830,513 shares of the company were exchanged, compared to its average volume of 8,644,920. The stock has a 50 day simple moving average of $120.34 and a 200-day simple moving average of $110.23. Newmont Corporation has a 1-year low of $76.05 and a 1-year high of $135.29. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The firm has a market cap of $124.26 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 1.58 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The company 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 EPS. On average, sell-side analysts forecast that Newmont Corporation will post 9.1 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Thursday, September 3rd were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, September 3rd. Newmont's dividend 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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