Koa Wealth Management LLC Buys New Stake in Newmont Corporation $NEM

Key Points

• Koa Wealth Management initiated a $4.43 million position in Newmont, buying 38,426 shares; the stock now represents about 3% of its portfolio and is its ninth-largest holding.
• Newmont has attracted substantial institutional interest, with institutional investors owning 68.85% of the company. Analysts maintain a “Moderate Buy” consensus rating and a $134.26 average price target.
• Shares recently traded at $111.17, while Newmont reported quarterly EPS of $2.10, beating estimates of $2.05, and maintains a quarterly dividend of $0.26, or $1.04 annually.

Koa Wealth Management LLC bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 38,426 shares of the basic materials company's stock, valued at approximately $4,432,000. Newmont accounts for approximately 3.0% of Koa Wealth Management LLC's investment portfolio, making the stock its 9th largest holding.

A number of other large investors also recently made changes to their positions in NEM. Pinnacle Bancorp Inc. bought a new position in Newmont during the 1st quarter worth $25,000. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont in the first quarter valued at about $25,000. Clearstead Trust LLC bought a new stake in shares of Newmont in the second quarter valued at about $25,000. Kilter Group LLC acquired a new position in shares of Newmont in the second quarter valued at about $26,000. Finally, GoalVest Advisory LLC acquired a new position in shares of Newmont in the third quarter valued at about $28,000. Institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on NEM. BMO Capital Markets raised their price target on shares of Newmont from $135.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. Canadian Imperial Bank of Commerce set a $170.00 price objective on shares of Newmont in a report on Friday, August 14th. TD Securities upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Finally, Citigroup lowered their target price on shares of Newmont from $150.00 to $125.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus price target of $134.26.

Newmont Price Performance

Shares of NEM traded down $4.42 during midday trading on Wednesday, hitting $111.17. The company's stock had a trading volume of 2,292,003 shares, compared to its average volume of 8,562,386. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. The stock has a market capitalization of $117.14 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 2.17 and a beta of 0.51. The company's fifty day simple moving average is $121.61 and its two-hundred day simple moving average is $110.60.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period last year, the firm posted $1.43 earnings per share. As a group, equities analysts expect that Newmont Corporation will post 9.05 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Insider Activity

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont 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 sale, the chief financial officer directly owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $445,692.42. Following the sale, the chief executive officer directly owned 127,471 shares in the company, valued at $14,634,945.51. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 35,973 shares of company stock worth $3,927,169. Corporate insiders own 0.06% of the company's stock.

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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