Corient Private Wealth LP Takes $16.43 Million Position in Newmont Corporation $NEM

Key Points

• Corient Private Wealth initiated a $16.43 million position in Newmont during the second quarter by purchasing 175,862 shares. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, exceeding the $2.05 analyst consensus, although revenue of $6.12 billion fell short of the $6.35 billion estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $132.73.
• The company declared a quarterly dividend of $0.26 per share, equal to $1.04 annually and a 0.8% yield. Newmont shares recently traded at $127.84, near their 12-month high of $135.29.

Corient Private Wealth LP bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 175,862 shares of the basic materials company's stock, valued at approximately $16,425,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Brighton Jones LLC lifted its stake in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after acquiring an additional 1,847 shares during the period. Woodline Partners LP raised its holdings in Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock worth $4,644,000 after purchasing an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Newmont in the 2nd quarter worth about $240,000. Cerity Partners LLC increased its position in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock valued at $7,303,000 after buying an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Newmont by 8.5% during the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock valued at $2,854,000 after buying an additional 3,856 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

Shares of NEM opened at $127.84 on Friday. Newmont Corporation has a 12 month low of $72.78 and a 12 month high of $135.29. The business's fifty day simple moving average is $104.23 and its two-hundred day simple moving average is $109.57. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The company has a market cap of $134.70 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the prior year, the company posted $1.43 earnings per share. Research analysts anticipate that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a $0.26 dividend. 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 payout ratio is currently 13.13%.

Wall Street Analyst Weigh In

NEM has been the topic of several research reports. UBS Group cut their price objective on Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. TD Securities upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Argus set a $110.00 price target on Newmont in a research note on Monday, August 3rd. National Bank Financial lowered their price objective on Newmont from $140.00 to $125.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group reduced their target price on shares of Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average target price of $132.73.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the sale, the executive vice president directly owned 40,315 shares in the company, valued at approximately $3,767,436.75. The trade was a 6.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total value of $807,456.00. Following the transaction, the chief executive officer directly owned 135,235 shares in the company, valued at $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock valued at $3,292,513 over the last three months. Insiders own 0.06% of the company's stock.

Newmont Company 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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source