Belpointe Asset Management LLC Acquires Shares of 38,357 Newmont Corporation $NEM

Key Points

• Belpointe Asset Management LLC has acquired 38,357 shares of Newmont Corporation, valued at approximately $2.2 million, marking a new investment in the basic materials company during the second quarter.
• Newmont stock has received mixed ratings from analysts, with three ratings classified as Strong Buy and others indicating neutral or hold positions, with an average price target of $74.18.
• Newmont recently declared a quarterly dividend of $0.25 per share, amounting to an annualized dividend of $1.00, reflecting a yield of 1.1% and a payout ratio of 17.95%.

Belpointe Asset Management LLC bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 38,357 shares of the basic materials company's stock, valued at approximately $2,235,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. IVC Wealth Advisors LLC raised its position in Newmont by 1.3% during the second quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock worth $813,000 after acquiring an additional 173 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Newmont by 11.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company's stock worth $101,000 after purchasing an additional 185 shares during the last quarter. Aaron Wealth Advisors LLC lifted its stake in Newmont by 4.4% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock valued at $260,000 after buying an additional 190 shares in the last quarter. Chelsea Counsel Co. boosted its holdings in Newmont by 1.0% in the 2nd quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company's stock worth $1,067,000 after buying an additional 190 shares during the last quarter. Finally, Hemington Wealth Management boosted its holdings in Newmont by 25.2% in the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock worth $46,000 after buying an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. National Bankshares reissued an "outperform" rating on shares of Newmont in a report on Monday, September 22nd. Macquarie downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. The Goldman Sachs Group raised their price objective on Newmont from $63.10 to $77.30 and gave the company a "neutral" rating in a report on Thursday, September 11th. CIBC upped their price target on Newmont from $74.00 to $78.00 and gave the company a "neutral" rating in a research report on Friday, September 12th. Finally, BNP Paribas Exane upped their price objective on shares of Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a report on Monday, September 15th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $74.18.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the transaction, the director owned 36,869 shares of the company's stock, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is currently owned by corporate insiders.

Newmont Stock Up 2.0%

Shares of NYSE NEM opened at $88.60 on Tuesday. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The business's 50 day moving average is $74.87 and its two-hundred day moving average is $61.56. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $89.37. The firm has a market cap of $97.32 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 0.97 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company's quarterly revenue was up 20.8% on a year-over-year basis. During the same period last year, the business posted $0.72 earnings per share. Research analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Newmont's dividend payout ratio is 17.95%.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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