Live Oak Private Wealth LLC Acquires New Shares in Newmont Corporation $NEM

Key Points

• Live Oak Private Wealth acquired 117,910 Newmont shares worth approximately $2.46 million in the second quarter. Institutional investors collectively own 68.85% of the company.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $132.73, although several firms recently lowered their targets.
• Newmont beat quarterly EPS expectations with $2.10 per share, while reporting $6.12 billion in revenue. The company declared a quarterly dividend of $0.26 per share, equivalent to a 0.8% yield.

Live Oak Private Wealth LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 117,910 shares of the basic materials company's stock, valued at approximately $2,464,000.

Other large investors have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont during the first quarter valued at about $25,000. Pinnacle Bancorp Inc. bought a new position in shares of Newmont in the first quarter valued at approximately $25,000. Swiss RE Ltd. bought a new position in shares of Newmont in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new position in Newmont during the second quarter valued at approximately $25,000. Finally, Cornerstone Planning Group LLC grew its stake in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 206 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. Bank of America lowered their target price on shares of Newmont from $157.00 to $132.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Citigroup decreased their price target 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. Macquarie Infrastructure lowered their price objective on Newmont from $133.00 to $123.00 and set an "outperform" rating on the stock in a research report on Monday, June 15th. Finally, UBS Group dropped their price objective on Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $132.73.

Insider Buying and Selling

In related news, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares of the company's stock, valued at $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were 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 $3,767,436.75. The trade was a 6.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 25,209 shares of company stock worth $2,567,701. Corporate insiders own 0.06% of the company's stock.

Newmont Stock Down 2.8%

NEM stock opened at $122.56 on Wednesday. The company's 50 day moving average is $105.20 and its 200 day moving average is $109.51. The stock has a market cap of $129.14 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1-year low of $73.44 and a 1-year high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to analyst estimates 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 previous year, the business posted $1.43 earnings per share. Sell-side analysts predict that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Announces Dividend

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

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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