Corient Private Wealth LP Acquires Shares of 150,976 Newmont Corporation $NEM

Key Points

• Corient Private Wealth LP acquired 150,976 Newmont shares during the second quarter, valued at approximately $3.16 million. Institutional investors collectively own 68.85% of Newmont.
• Analysts maintain a generally positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $133.07, although several firms recently lowered their targets.
• Newmont reported quarterly EPS of $2.10, exceeding estimates, and declared a quarterly dividend of $0.26 per share, equivalent to an annualized $1.04 dividend and a 0.8% yield.

Corient Private Wealth LP bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 150,976 shares of the basic materials company's stock, valued at approximately $3,155,000.

A number of other institutional investors and hedge funds have also modified their holdings of NEM. Tucker Asset Management LLC purchased a new position in shares of Newmont in the second quarter valued at approximately $361,000. Amundi purchased a new stake in shares of Newmont during the second quarter worth approximately $209,411,000. HighTower Advisors LLC acquired a new position in Newmont in the 2nd quarter valued at $17,316,000. Groupe la Francaise raised its stake in Newmont by 19.8% in the 2nd quarter. Groupe la Francaise now owns 537,747 shares of the basic materials company's stock valued at $50,260,000 after purchasing an additional 88,887 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Newmont in the 2nd quarter valued at $44,105,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity

In other news, CFO Brian Tabolt sold 11,445 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total transaction of $477,486.00. Following the transaction, the chief executive officer directly owned 131,353 shares of the company's stock, valued at $16,156,419. The trade was a 2.87% 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 three months, insiders have sold 32,091 shares of company stock valued at $3,414,187. Company insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NEM shares. Canadian Imperial Bank of Commerce set a $170.00 target price on shares of Newmont in a research note on Friday, August 14th. Bank of America decreased their price target on shares of Newmont from $157.00 to $132.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. BNP Paribas Exane lowered their price target on shares of Newmont from $111.00 to $102.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 21st. Wall Street Zen cut shares of Newmont from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, UBS Group cut their price objective on shares of Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Two investment 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 stock. Based on data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $133.07.

Newmont Price Performance

NYSE:NEM opened at $123.31 on Monday. Newmont Corporation has a 52 week low of $76.05 and a 52 week high of $135.29. The stock's fifty day moving average is $113.22 and its two-hundred day moving average is $109.61. The company has a market capitalization of $129.93 billion, a P/E ratio of 15.57, a P/E/G ratio of 1.72 and a beta of 0.52. 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 (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 29.10% and a net margin of 33.36%.During the same period in the prior year, the business posted $1.43 EPS. Equities analysts expect that Newmont Corporation will post 9.09 EPS for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. Newmont's dividend payout ratio (DPR) is currently 13.13%.

Newmont Profile

Newmont Corporation NYSE: NEM is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.