Greenfield Seitz Capital Management LLC Purchases 28,774 Shares of Newmont Corporation $NEM

Key Points

• Greenfield Seitz Capital Management acquired 28,774 Newmont shares worth approximately $3.3 million in the third quarter. Institutional investors collectively own 68.85% of Newmont’s stock.
• Newmont reported stronger-than-expected quarterly results, with EPS of $2.20 versus the $1.94 consensus estimate and revenue of $6.36 billion, up 15.2% year over year.
• The company declared a quarterly dividend of $0.26 per share, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $137.20, above the reported $109.03 share price.

Greenfield Seitz Capital Management LLC acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 28,774 shares of the basic materials company's stock, valued at approximately $3,319,000.

Several other institutional investors and hedge funds have also recently modified their holdings of NEM. BlackRock Inc. purchased a new position in Newmont during the 2nd quarter valued at about $11,289,753,000. State Street Corp increased its stake in Newmont by 3.1% during the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock worth $4,893,852,000 after purchasing an additional 1,565,716 shares during the period. Van ECK Associates Corp purchased a new stake in Newmont during the second quarter worth about $671,197,000. Bank of New York Mellon Corp purchased a new stake in Newmont during the second quarter worth about $1,219,505,000. Finally, First Eagle Investment Management LLC acquired a new stake in shares of Newmont during the second quarter worth about $241,820,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Price Performance

NEM stock opened at $109.03 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The firm has a market capitalization of $113.31 billion, a P/E ratio of 12.68, a P/E/G ratio of 2.07 and a beta of 0.51. The business's 50-day moving average is $120.16 and its two-hundred day moving average is $112.46. Newmont Corporation has a 1 year low of $78.60 and a 1 year high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.26. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The business had revenue of $6.36 billion during the quarter, compared to analysts' expectations of $6.27 billion. During the same quarter last year, the business posted $1.71 EPS. The business's quarterly revenue was up 15.2% compared to the same quarter last year. Analysts anticipate that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont's dividend payout ratio (DPR) is 12.09%.

Wall Street Analyst Weigh In

NEM has been the subject of several recent research reports. TD Securities raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada lifted their price objective on shares of Newmont from $135.00 to $155.00 and gave the company an "outperform" rating in a report on Wednesday, September 16th. Citigroup upped their target price on shares of Newmont from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Tuesday, October 20th. Argus set a $110.00 target price on shares of Newmont and gave the stock a "buy" rating in a report on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce set a $154.00 price target on shares of Newmont in a research report on Friday, October 16th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $137.20.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $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. Insiders sold 32,973 shares of company stock worth $3,646,819 over the last 90 days. 0.06% of the stock is owned by insiders.

Newmont Profile

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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