MFA Wealth Advisors LLC Acquires New Position in Newmont Corporation $NEM

Key Points

• MFA Wealth Advisors acquired 29,005 Newmont shares during the third quarter, worth approximately $3.35 million. Institutional investors and hedge funds collectively own 68.85% of the company.
• Analysts maintain a generally positive view, with Newmont holding a consensus “Moderate Buy” rating and an average price target of $134.26, above its reported trading price of $113.56.
• Newmont reported quarterly EPS of $2.10, exceeding estimates of $2.05, and pays a quarterly dividend of $0.26 per share. However, company insiders sold a combined 35,973 shares worth about $3.93 million over the prior three months.

MFA Wealth Advisors LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 29,005 shares of the basic materials company's stock, valued at approximately $3,345,000.

Other hedge funds have also made changes to their positions in the company. Cedar Mountain Advisors LLC acquired a new position in shares of Newmont in the 1st quarter valued at $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont during the 1st quarter worth $25,000. GoalVest Advisory LLC purchased a new position in shares of Newmont in the 3rd quarter worth $28,000. Clearstead Trust LLC purchased a new position in shares of Newmont in the 2nd quarter worth $25,000. Finally, Kilter Group LLC acquired a new position in Newmont in the second quarter valued at $26,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Ratings Changes

NEM has been the subject of a number of research reports. Sanford C. Bernstein decreased their target price on Newmont from $147.00 to $144.00 and set an "outperform" rating for the company in a report on Wednesday, September 9th. Canaccord Genuity Group cut their price target on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Argus set a $110.00 price target on shares of Newmont in a research report on Monday, August 3rd. Barclays dropped their price objective on shares of Newmont from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Tuesday, July 28th. Finally, Bank of America cut 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. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $134.26.

Newmont Stock Down 2.4%

NYSE:NEM traded down $2.83 on Wednesday, reaching $113.56. The stock had a trading volume of 4,344,534 shares, compared to its average volume of 8,681,464. The company has a 50-day moving average of $119.95 and a 200 day moving average of $110.09. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The stock has a market cap of $119.66 billion, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 1.62 and a beta of 0.51. Newmont Corporation has a 12-month low of $76.05 and a 12-month 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, topping analysts' consensus estimates 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 in the previous year, the company earned $1.43 earnings per share. On average, research analysts predict that Newmont Corporation will post 9.09 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd were issued a dividend of $0.26 per share. The ex-dividend date was Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont's payout ratio is currently 13.13%.

Insider Buying and Selling at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the sale, the executive vice president directly owned 34,315 shares in the company, valued at $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,973 shares of company stock valued at $3,927,169 in the last three months. Corporate insiders own 0.06% of the company's stock.

Newmont Company Profile

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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