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Koa Wealth Management LLC Purchases 25,812 Shares of Newmont Corporation (NYSE:NEM)

Newmont logo with Basic Materials background

Key Points

  • Koa Wealth Management LLC increased its holdings in Newmont Corporation by 102.9%, owning 50,904 shares worth approximately $2.46 million as of the latest SEC filing.
  • In a separate development, Director Bruce R. Brook and CAO Brian Tabolt sold shares of Newmont, decreasing their ownership stakes by 4.82% and 17.70%, respectively.
  • Newmont announced a quarterly dividend of $0.25 per share, which translates to an annualized dividend yield of 1.5%, with the dividend payment scheduled for September 29th.
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Koa Wealth Management LLC lifted its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 102.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,904 shares of the basic materials company's stock after buying an additional 25,812 shares during the quarter. Newmont comprises 2.0% of Koa Wealth Management LLC's portfolio, making the stock its 15th largest position. Koa Wealth Management LLC's holdings in Newmont were worth $2,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. SOA Wealth Advisors LLC. increased its position in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Newmont during the first quarter valued at about $26,000. Private Trust Co. NA increased its position in shares of Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares during the period. Nexus Investment Management ULC purchased a new position in shares of Newmont during the first quarter valued at about $31,000. Finally, Alpine Bank Wealth Management purchased a new position in shares of Newmont during the first quarter valued at about $32,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the transaction, the director directly owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at $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 22,246 shares of company stock valued at $1,373,251 over the last three months. Corporate insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

NEM has been the topic of a number of recent research reports. Raymond James Financial upped their price objective on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Argus set a $63.00 price objective on shares of Newmont in a report on Friday, April 25th. National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. CIBC set a $74.00 price objective on shares of Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Finally, Stifel Nicolaus began coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $64.58.

Get Our Latest Research Report on Newmont

Newmont Stock Performance

Newmont stock traded down $0.11 during midday trading on Friday, reaching $68.96. 9,068,992 shares of the company traded hands, compared to its average volume of 12,927,891. 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 Corporation has a 12 month low of $36.86 and a 12 month high of $70.29. The firm has a market capitalization of $75.75 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The business has a 50 day moving average of $59.58 and a two-hundred day moving average of $52.32.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.5%. Newmont's dividend payout ratio is 17.95%.

About Newmont

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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