Drucker Wealth 3.0 LLC Purchases New Position in Newmont Corporation $NEM

Key Points

• Drucker Wealth 3.0 LLC has purchased a new stake in Newmont Corporation, acquiring 4,304 shares valued at approximately $253,000 during the second quarter.
• Newmont reported earnings of $1.43 per share, exceeding expectations of $0.95, with revenue for the quarter reaching $5.32 billion, significantly higher than the estimated $4.70 billion.
• The company recently announced a quarterly dividend of $0.25 per share, resulting in an annual yield of 1.2%, with a dividend payout ratio of 17.95%.

Drucker Wealth 3.0 LLC purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,304 shares of the basic materials company's stock, valued at approximately $253,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Davis Rea LTD. acquired a new position in Newmont in the second quarter valued at approximately $214,000. Strong Tower Advisory Services lifted its stake in Newmont by 4.1% in the second quarter. Strong Tower Advisory Services now owns 51,601 shares of the basic materials company's stock valued at $3,006,000 after buying an additional 2,021 shares during the last quarter. PDS Planning Inc purchased a new stake in Newmont in the second quarter valued at approximately $252,000. Blue Trust Inc. lifted its stake in Newmont by 7.7% in the second quarter. Blue Trust Inc. now owns 15,622 shares of the basic materials company's stock valued at $910,000 after buying an additional 1,114 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in Newmont by 4.3% in the second quarter. IFP Advisors Inc now owns 58,998 shares of the basic materials company's stock valued at $3,437,000 after buying an additional 2,412 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Down 0.2%

Newmont stock opened at $85.07 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The firm has a market capitalization of $93.45 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 0.95 and a beta of 0.34. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $89.37. The stock's fifty day moving average is $76.77 and its two-hundred day moving average is $62.55.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results 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 company had revenue of $5.32 billion for 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 revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 earnings per share. Analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont's dividend payout ratio is 17.95%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NEM. UBS Group boosted their price objective on Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a research note on Friday, September 19th. CIBC set a $112.00 price objective on Newmont and gave the company an "outperformer" rating in a research note on Friday. Stifel Nicolaus began coverage on Newmont in a research note on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective for the company. BNP Paribas Exane boosted their price objective on Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a research note on Monday, September 15th. Finally, Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $81.10.

Insider Buying and Selling at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director directly owned 36,869 shares in the company, valued at $3,133,496.31. This trade represents a 5.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,249 shares of company stock valued at $1,132,065. Insiders own 0.05% of the company's stock.

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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