Childress Capital Advisors LLC Purchases New Position in Newmont Corporation $NEM

Key Points

• Childress Capital Advisors initiated a position in Newmont during the third quarter, buying 9,110 shares valued at approximately $1.05 million. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.20, exceeding estimates of $1.94, while revenue rose 15.2% year over year to $6.36 billion. The company also declared a quarterly dividend of $0.26 per share.
• Analysts maintain a consensus “Moderate Buy” rating with a target price of $137.20, although some firms recently downgraded the stock or reduced their price targets. Shares opened at $111.65, down 2.0%.

Childress Capital Advisors LLC purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 9,110 shares of the basic materials company's stock, valued at approximately $1,051,000.

Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Newmont in the 2nd quarter valued at approximately $11,289,753,000. State Street Corp grew its holdings in Newmont by 3.1% during the 2nd quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock valued at $4,893,852,000 after buying an additional 1,565,716 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Newmont during the 2nd quarter valued at $671,197,000. Bank of New York Mellon Corp acquired a new stake in Newmont during the 2nd quarter valued at $1,219,505,000. Finally, First Eagle Investment Management LLC purchased a new position in Newmont during the second quarter worth $241,820,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Freedom Broker cut Newmont from a "buy" rating to a "hold" rating and cut their price target for the stock from $130.00 to $116.00 in a report on Thursday, October 22nd. Bank of America increased their price objective on Newmont from $135.00 to $145.00 in a research note on Monday, August 17th. Argus set a $110.00 price objective on Newmont and gave the stock a "buy" rating in a research report on Monday, August 3rd. Barclays cut their target price on shares of Newmont from $124.00 to $123.00 and set an "overweight" rating for the company in a research note on Monday, October 19th. Finally, Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Newmont has an average rating of "Moderate Buy" and a consensus target price of $137.20.

Newmont Trading Down 2.0%

Shares of NEM stock opened at $111.65 on Friday. The stock has a market cap of $116.02 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51. The company has a quick ratio of 2.16, a current ratio of 2.45 and a debt-to-equity ratio of 0.15. Newmont Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $135.29. The firm's 50 day moving average price is $121.04 and its two-hundred day moving average price is $112.51.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.26. The company had revenue of $6.36 billion during the quarter, compared to the consensus estimate of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. Newmont's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.71 earnings per share. On average, analysts anticipate that Newmont Corporation will post 9.14 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, November 25th. Newmont's dividend payout ratio is currently 12.09%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the company's stock in a transaction that occurred on 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 owned 135,235 shares in the company, valued at $14,064,440. This represents a 5.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were 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 directly owned 34,315 shares of the company's stock, valued at $3,939,705.15. This trade represents a 8.04% 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 35,973 shares of company stock valued at $3,927,169 over the last three months. 0.06% of the stock is owned by company insiders.

Newmont Company Profile

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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