BNP Paribas Invests $2.42 Million in Newmont Corporation $NEM

Key Points

• BNP Paribas purchased 116,016 Newmont shares during the second quarter, valued at approximately $2.42 million. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, exceeding analyst expectations of $2.05, while revenue of $6.12 billion fell short of the $6.35 billion consensus estimate. The company also declared a quarterly dividend of $0.26 per share, representing an annualized yield of about 0.8%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $132.73, although several firms recently lowered their targets. Newmont insiders sold shares worth roughly $3.29 million over the past 90 days.

BNP Paribas purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 116,016 shares of the basic materials company's stock, valued at approximately $2,425,000.

Other hedge funds have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. purchased a new stake in shares of Newmont during the first quarter worth $25,000. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont during the first quarter valued at about $25,000. Clearstead Trust LLC bought a new stake in shares of Newmont during the second quarter valued at about $25,000. Swiss RE Ltd. purchased a new position in Newmont during the fourth quarter worth about $26,000. Finally, Kilter Group LLC purchased a new position in Newmont in the 2nd quarter worth approximately $26,000. Institutional investors own 68.85% of the company's stock.

Newmont Stock Down 3.4%

NEM stock opened at $127.84 on Friday. The firm has a market cap of $134.70 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. Newmont Corporation has a twelve month low of $72.78 and a twelve month high of $135.29. The business has a 50 day moving average of $104.23 and a 200 day moving average of $109.57.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results 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 business had revenue of $6.12 billion during the quarter, compared to analysts' expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the previous year, the company earned $1.43 earnings per share. On average, research analysts forecast that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued 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 payout ratio is presently 13.13%.

Insider Activity at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont 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 in the company, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Natascha Viljoen sold 7,764 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the completion of the transaction, the chief executive officer directly owned 135,235 shares of the company's stock, valued at approximately $14,064,440. This trade represents a 5.43% 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 have sold 32,091 shares of company stock valued at $3,292,513 over the last ninety days. Insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Weiss Ratings lowered shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. Jefferies Financial Group decreased their price target on Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. National Bank Financial dropped their price target 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. Argus set a $110.00 price objective on shares of Newmont in a research report on Monday, August 3rd. Finally, BNP Paribas Exane decreased their price objective on Newmont from $111.00 to $102.00 and set a "neutral" rating for the company in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and a consensus price target of $132.73.

Newmont Profile

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.

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