L2 Asset Management LLC Acquires New Holdings in Newmont Corporation $NEM

Key Points

• L2 Asset Management initiated a position in Newmont during the second quarter, purchasing 28,487 shares valued at approximately $2.66 million. Institutional investors and hedge funds collectively own 68.85% of the company.
• Newmont reported quarterly adjusted earnings of $2.10 per share, slightly exceeding analyst estimates, while revenue of $6.12 billion fell short of expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $132.73.
• The company declared a quarterly dividend of $0.26 per share, equivalent to an annualized $1.04 payout and a 0.8% yield. Meanwhile, company insiders sold 32,091 shares worth approximately $3.29 million over the past 90 days.

L2 Asset Management LLC bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 28,487 shares of the basic materials company's stock, valued at approximately $2,661,000.

Several other hedge funds have also recently bought and sold shares of NEM. Brighton Jones LLC lifted its stake in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after buying an additional 1,847 shares in the last quarter. Woodline Partners LP increased its position in shares of Newmont by 40.7% during the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock worth $4,644,000 after acquiring an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Newmont during the second quarter worth $240,000. Cerity Partners LLC raised its holdings in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock worth $7,303,000 after acquiring an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Newmont by 8.5% during the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock worth $2,854,000 after acquiring an additional 3,856 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Trading Up 0.2%

Shares of NYSE:NEM opened at $131.84 on Tuesday. The company's 50-day moving average price is $102.12 and its two-hundred day moving average price is $109.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. Newmont Corporation has a one year low of $70.88 and a one year high of $134.88. The stock has a market capitalization of $138.92 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the prior year, the business posted $1.43 EPS. On average, equities analysts forecast that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.8%. Newmont's dividend payout ratio is 13.13%.

Analyst Upgrades and Downgrades

NEM has been the topic of several research reports. Royal Bank Of Canada cut their price objective on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Macquarie Infrastructure lowered their target price on Newmont from $133.00 to $123.00 and set an "outperform" rating for the company in a report on Monday, June 15th. UBS Group dropped their price target on Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Finally, Jefferies Financial Group reduced their price objective on Newmont from $158.00 to $146.00 and set a "buy" rating for the company in a research report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and an average target price of $132.73.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares of the company's stock, valued at $14,064,440. The trade was a 5.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the sale, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. This represents a 6.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 over the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Newmont Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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