Farther Finance Advisors LLC Makes New Investment in Newmont Corporation $NEM

Key Points

• Farther Finance Advisors initiated a Newmont position by purchasing 48,461 shares worth approximately $5.6 million in the third quarter. Several other institutions also established new stakes, and institutional investors now own 68.85% of the company.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $134.26, above Newmont’s cited share price of $117.93.
• Newmont reported quarterly EPS of $2.10, narrowly exceeding estimates, while revenue reached $6.12 billion. The company also declared a quarterly dividend of $0.26 per share, equivalent to a 0.9% annualized yield.

Farther Finance Advisors LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 48,461 shares of the basic materials company's stock, valued at approximately $5,589,000.

Other institutional investors have also made changes to their positions in the company. Sapient Capital LLC acquired a new position in Newmont in the third quarter worth approximately $267,000. CoreCap Advisors LLC bought a new stake in shares of Newmont during the 3rd quarter worth about $2,915,000. Adams Asset Advisors LLC bought a new stake in shares of Newmont during the 3rd quarter worth about $21,835,000. Apella Capital LLC bought a new stake in shares of Newmont during the 3rd quarter worth about $461,000. Finally, Everhart Financial Group Inc. acquired a new position in shares of Newmont during the 3rd quarter valued at about $1,681,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the transaction, the executive vice president directly owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their ownership of the stock. The transaction 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, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares of the company's stock, valued at $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 35,973 shares of company stock worth $3,927,169. 0.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NEM shares. Jefferies Financial Group cut their price objective on Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. BMO Capital Markets upped their target price on Newmont from $135.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. The Goldman Sachs Group decreased their target price on Newmont from $122.50 to $111.40 and set a "buy" rating for the company in a research report on Wednesday, July 1st. TD increased their price target on Newmont from $127.00 to $133.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Finally, Citigroup dropped their price target on shares of Newmont from $150.00 to $125.00 and set a "buy" rating on the stock in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $134.26.

Newmont Stock Up 2.1%

Shares of NYSE NEM opened at $117.93 on Friday. Newmont Corporation has a 12 month low of $76.05 and a 12 month high of $135.29. The company has a market cap of $124.26 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.65 and a beta of 0.51. 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 stock has a 50-day moving average price of $120.83 and a two-hundred day moving average price of $110.29.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same quarter in the previous year, the business earned $1.43 earnings per share. As a group, analysts forecast that Newmont Corporation will post 9.05 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, September 3rd. Newmont's payout ratio is 13.13%.

About Newmont

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company's activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.

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