Corundum Trust Company INC Acquires New Holdings in Newmont Corporation $NEM

Key Points

• Corundum Trust Company INC has acquired a new stake in Newmont Corporation (NYSE:NEM), purchasing 4,000 shares valued at approximately $233,000 during the second quarter.
• Analyst ratings for NEM show a mix, with a target price set at $112.00 by CIBC, while Weiss Ratings downgraded it from "buy" to "hold".
• Newmont recently announced a quarterly dividend of $0.25 per share, with a dividend yield of 1.1% and a payout ratio of 17.95%.

Corundum Trust Company INC purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,000 shares of the basic materials company's stock, valued at approximately $233,000.

Several other large investors have also recently bought and sold shares of NEM. Hemington Wealth Management raised its stake in shares of Newmont by 17.6% in the second quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company's stock valued at $66,000 after buying an additional 170 shares during the period. IVC Wealth Advisors LLC boosted its holdings in Newmont by 1.3% during the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock valued at $813,000 after acquiring an additional 173 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Newmont by 11.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company's stock valued at $101,000 after acquiring an additional 185 shares during the period. Aaron Wealth Advisors LLC lifted its holdings in Newmont by 4.4% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock worth $260,000 after buying an additional 190 shares during the period. Finally, Chelsea Counsel Co. raised its position in shares of Newmont by 1.0% in the 2nd quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company's stock worth $1,067,000 after acquiring an additional 190 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NEM has been the subject of a number of research analyst reports. CIBC set a $112.00 target price on Newmont and gave the stock an "outperformer" rating in a report on Friday. Weiss Ratings cut Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Scotiabank increased their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday, July 28th. TD Securities raised their target price on Newmont from $67.00 to $89.00 and gave the stock a "hold" rating in a research note on Wednesday, October 8th. Finally, Raymond James Financial set a $96.00 target price on Newmont in a report on Friday. Five equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $83.18.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the sale, the director owned 36,869 shares of the company's stock, valued at $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,249 shares of company stock valued at $1,132,065. Corporate insiders own 0.05% of the company's stock.

Newmont Stock Performance

Shares of NEM stock opened at $89.36 on Tuesday. The company's fifty day simple moving average is $77.25 and its 200-day simple moving average is $62.93. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $89.42. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company has a market cap of $98.16 billion, a PE ratio of 16.04, a P/E/G ratio of 0.94 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.48. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.Newmont's quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.72 earnings per share. As a group, equities research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Thursday, September 4th. Newmont's dividend payout ratio is presently 17.95%.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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