BOCHK Asset Management Ltd Makes New $3.07 Million Investment in Newmont Corporation $NEM

Key Points

• BOCHK Asset Management initiated a $3.07 million position in Newmont during the third quarter, purchasing 26,600 shares. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly adjusted earnings of $2.20 per share, exceeding estimates of $1.94, while revenue rose 15.2% year over year to $6.36 billion.
• Analyst sentiment remains positive but mixed: Newmont has a “Moderate Buy” consensus rating and an average price target of $137.20, while some analysts recently downgraded the stock or reduced their targets.

BOCHK Asset Management Ltd purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 26,600 shares of the basic materials company's stock, valued at approximately $3,068,000.

Other large investors have also recently added to or reduced their stakes in the company. Greenfield Seitz Capital Management LLC acquired a new stake in Newmont in the 3rd quarter valued at about $3,319,000. Lesa Sroufe & Co acquired a new stake in shares of Newmont in the third quarter valued at approximately $9,286,000. Signature Equity Partners LLC acquired a new stake in shares of Newmont in the third quarter valued at approximately $32,000. XML Financial LLC purchased a new position in shares of Newmont during the 3rd quarter worth approximately $2,569,000. Finally, McAlvany Wealth Management LLC purchased a new position in shares of Newmont during the 3rd quarter worth approximately $1,930,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the sale, the executive vice president owned 34,315 shares in the company, 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 this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $445,692.42. Following the sale, the chief executive officer directly owned 127,471 shares of the company's stock, valued at approximately $14,634,945.51. This trade represents 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. In the last quarter, insiders sold 32,973 shares of company stock worth $3,646,819. 0.06% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on NEM shares. Freedom Broker downgraded Newmont from a "buy" rating to a "hold" rating and cut their price objective for the stock from $130.00 to $116.00 in a research report on Thursday, October 22nd. Wall Street Zen cut Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Canaccord Genuity Group dropped their price target on Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. RBC Dominion Securities set a $155.00 price target on Newmont and gave the stock an "outperform" rating in a report on Thursday, October 22nd. Finally, Jefferies Financial Group upped their price objective on Newmont from $146.00 to $155.00 in a research report on Friday, October 9th. Two analysts have rated the stock with a Strong Buy rating, nineteen 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 an average rating of "Moderate Buy" and an average target price of $137.20.

Newmont Trading Up 2.3%

Shares of NEM opened at $109.03 on Tuesday. Newmont Corporation has a twelve month low of $78.60 and a twelve month high of $135.29. The firm has a market capitalization of $113.31 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51. The company has a current ratio of 2.45, a quick ratio of 2.16 and a debt-to-equity ratio of 0.15. The stock's fifty day simple moving average is $120.16 and its 200 day simple moving average is $112.46.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.26. The firm had revenue of $6.36 billion during the quarter, compared to the consensus estimate of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.71 earnings per share. On average, equities research analysts forecast that Newmont Corporation will post 9.11 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 25th. Newmont's payout ratio is currently 12.09%.

About Newmont

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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