CoreCap Advisors LLC Buys 25,276 Shares of Newmont Corporation $NEM

Key Points

• CoreCap Advisors acquired 25,276 Newmont shares worth approximately $2.9 million, while institutional investors collectively own 68.85% of the company.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $134.26; several firms recently raised their targets.
• Newmont reported quarterly EPS of $2.10, exceeding estimates, and declared a $0.26 quarterly dividend. However, company insiders sold 35,973 shares worth about $3.93 million over the past three months.

CoreCap Advisors LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 25,276 shares of the basic materials company's stock, valued at approximately $2,915,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Newmont during the second quarter worth $11,289,753,000. Van ECK Associates Corp purchased a new stake in Newmont in the second quarter valued at $671,197,000. Bank of New York Mellon Corp acquired a new stake in Newmont during the 2nd quarter worth about $1,219,505,000. First Eagle Investment Management LLC acquired a new position in shares of Newmont in the 2nd quarter valued at $241,820,000. Finally, Amundi purchased a new stake in shares of Newmont during the 2nd quarter worth about $209,411,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NEM has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price objective on shares of Newmont from $135.00 to $155.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 16th. Weiss Ratings raised Newmont from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, October 2nd. Raymond James Financial restated an "outperform" rating and issued a $140.00 price objective on shares of Newmont in a report on Monday, August 24th. BMO Capital Markets upped their target price on shares of Newmont from $135.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, September 29th. Finally, Sanford C. Bernstein dropped their price target on Newmont from $147.00 to $144.00 and set an "outperform" rating for the company in a research report on Wednesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $134.26.

Insider Buying and Selling

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the 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 sale, the chief executive officer owned 135,235 shares of the company's stock, valued at $14,064,440. This trade represents a 5.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,973 shares of company stock valued at $3,927,169 in the last three months. 0.06% of the stock is owned by corporate insiders.

Newmont Stock Performance

Shares of NEM stock opened at $115.46 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The firm has a market cap of $121.66 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.58 and a beta of 0.51. The firm's 50 day moving average price is $120.34 and its 200-day moving average price is $110.23. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.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 prior year, the firm earned $1.43 earnings per share. As a group, equities research analysts predict that Newmont Corporation will post 9.1 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd were paid a $0.26 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's payout ratio is 13.13%.

Newmont Profile

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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