Elevation Point Wealth Partners LLC Buys New Stake in Newmont Corporation $NEM

Key Points

• Elevation Point Wealth Partners acquired 10,340 Newmont shares during the second quarter, valued at approximately $966,000. Institutional investors collectively own 68.85% of the company.
• Analysts maintain a generally positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $132.73, despite several recent target-price reductions.
• Newmont exceeded quarterly EPS expectations with $2.10 versus $2.05, while revenue came in below forecasts. The company declared a quarterly dividend of $0.26 per share, representing a 0.8% yield.

Elevation Point Wealth Partners LLC bought a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 10,340 shares of the basic materials company's stock, valued at approximately $966,000.

A number of other institutional investors also recently added to or reduced their stakes in NEM. Cedar Mountain Advisors LLC bought a new position in Newmont in the 1st quarter valued at about $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont in the 1st quarter worth approximately $25,000. Swiss RE Ltd. bought a new position in shares of Newmont in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new position in shares of Newmont in the second quarter valued at approximately $25,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 206 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. Barclays dropped their target price on Newmont from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Tuesday, July 28th. UBS Group dropped their price objective on Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Macquarie Infrastructure cut their price objective on Newmont from $133.00 to $123.00 and set an "outperform" rating for the company in a report on Monday, June 15th. BMO Capital Markets decreased their target price on Newmont from $145.00 to $135.00 and set an "outperform" rating for the company in a research note on Tuesday, June 23rd. Finally, Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and a consensus target price of $132.73.

Insider Buying and Selling at Newmont

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Natascha Viljoen sold 7,764 shares of Newmont stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the transaction, the chief executive officer directly owned 135,235 shares in the company, valued at approximately $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. 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. Over the last ninety days, insiders sold 32,091 shares of company stock valued at $3,292,513. 0.06% of the stock is currently owned by corporate insiders.

Newmont Price Performance

Shares of NYSE:NEM opened at $131.84 on Tuesday. Newmont Corporation has a one year low of $70.88 and a one year high of $134.88. The stock has a fifty day moving average of $102.12 and a 200-day moving average of $109.03. The company has a market capitalization of $138.92 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. The business had revenue of $6.12 billion for 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 previous year, the firm posted $1.43 EPS. As a group, equities analysts anticipate that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

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

About Newmont

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.

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