KLP Kapitalforvaltning AS Acquires 6,400 Shares of Newmont Corporation $NEM

Key Points

• KLP Kapitalforvaltning AS increased its holdings in Newmont Corporation by 1.2%, now owning 562,181 shares valued at approximately $32.75 million after acquiring an additional 6,400 shares.
• Insider trading activity included CAO Brian Tabolt selling 7,015 shares, thereby reducing his ownership by 17.70%, while EVP Peter Toth sold 3,000 shares, representing a 4.86% decrease in his holdings.
• Analyst ratings are largely positive for Newmont, with Stifel Canada upgrading their rating to "strong-buy" and target prices ranging from $74.00 to $92.00 among various firms, indicating a consensus average target price of $74.18.

KLP Kapitalforvaltning AS increased its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 562,181 shares of the basic materials company's stock after buying an additional 6,400 shares during the quarter. KLP Kapitalforvaltning AS owned 0.05% of Newmont worth $32,753,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. IVC Wealth Advisors LLC lifted its position in shares of Newmont by 1.3% during the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock worth $813,000 after buying an additional 173 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of 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 worth $101,000 after buying an additional 185 shares during the last quarter. Aaron Wealth Advisors LLC lifted its position in shares of Newmont by 4.4% during 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 last quarter. Chelsea Counsel Co. lifted its position in shares of Newmont by 1.0% during the 2nd quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company's stock worth $1,067,000 after buying an additional 190 shares during the last quarter. Finally, Hemington Wealth Management raised its position in Newmont by 25.2% in the first quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock valued at $46,000 after purchasing an additional 194 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. This represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,249 shares of company stock valued at $1,132,065. Company insiders own 0.05% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on NEM. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Raymond James Financial increased their target price on Newmont from $77.00 to $84.00 and gave the company an "outperform" rating in a research report on Tuesday, September 23rd. UBS Group increased their target price on Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a research report on Friday, September 19th. CIBC increased their target price on Newmont from $74.00 to $78.00 and gave the company a "neutral" rating in a research report on Friday, September 12th. Finally, National Bankshares reiterated an "outperform" rating on shares of Newmont in a research report on Monday, September 22nd. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $74.18.

Newmont Trading Down 1.7%

Shares of NEM stock opened at $87.03 on Wednesday. The stock has a market cap of $95.59 billion, a price-to-earnings ratio of 15.62, a PEG ratio of 0.99 and a beta of 0.34. The stock has a 50-day moving average of $75.33 and a 200-day moving average of $61.73. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $89.37.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly 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 during the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. On average, equities research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

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

Newmont Profile

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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