Knights of Columbus Asset Advisors LLC Purchases 5,848 Shares of Newmont Corporation $NEM

Key Points

• Knights of Columbus Asset Advisors LLC increased its stake in Newmont Corporation by 59.6%, holding a total of 15,653 shares valued at approximately $912,000 as of their latest SEC filing.
• Analysts have revised their price targets for Newmont, with notable increases from firms such as Raymond James (from $77 to $84) and UBS Group (from $70 to $92), reflecting a positive outlook for the stock.
• Newmont's recent quarterly earnings exceeded analysts' expectations, reporting $1.43 EPS compared to a consensus estimate of $0.95, demonstrating a year-over-year revenue growth of 20.8%.

Knights of Columbus Asset Advisors LLC raised its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 59.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,653 shares of the basic materials company's stock after acquiring an additional 5,848 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in Newmont were worth $912,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Glass Wealth Management Co LLC increased its position in Newmont by 2.8% during the second quarter. Glass Wealth Management Co LLC now owns 88,907 shares of the basic materials company's stock valued at $5,180,000 after acquiring an additional 2,390 shares during the last quarter. IVC Wealth Advisors LLC increased its position in Newmont by 1.3% during the second quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock valued at $813,000 after acquiring an additional 173 shares during the last quarter. Simplicity Wealth LLC bought a new position in Newmont during the second quarter valued at $1,091,000. OLD National Bancorp IN bought a new position in Newmont during the second quarter valued at $278,000. Finally, Highland Capital Management LLC increased its position in Newmont by 82.1% during the second quarter. Highland Capital Management LLC now owns 162,721 shares of the basic materials company's stock valued at $9,480,000 after acquiring an additional 73,364 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NEM shares. Raymond James Financial upped their price target on shares of Newmont from $77.00 to $84.00 and gave the stock an "outperform" rating in a report on Tuesday, September 23rd. UBS Group upped their price target on shares of Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a report on Friday, September 19th. The Goldman Sachs Group upped their price target on shares of Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a report on Thursday, September 11th. BNP Paribas Exane upped their price target on shares of Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Finally, CIBC upped their price target on shares of Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $74.18.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the sale, the director directly owned 36,869 shares of the company's stock, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,249 shares of company stock valued at $1,132,065 over the last three months. 0.05% of the stock is owned by company insiders.

Newmont Stock Down 1.7%

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

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors 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 dividend on an annualized basis and a yield of 1.1%. Newmont's dividend payout ratio is 17.95%.

Newmont Company 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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