Newmont Corporation $NEM Shares Newly Acquired by D.A. Davidson & CO.

Key Points

• D.A. Davidson & Co. initiated a Newmont position by purchasing 27,720 shares worth approximately $3.2 million in the third quarter. Institutional investors collectively own 68.85% of Newmont.
• Analyst sentiment remains broadly positive, with Newmont carrying a “Moderate Buy” consensus rating and an average price target of $137.20, despite some recent downgrades to “Hold.”
• Newmont reported strong quarterly results, with EPS of $2.20 beating estimates and revenue rising 15.2% year over year to $6.36 billion. The company also declared a quarterly dividend of $0.26 per share, representing a 1.0% yield.

D.A. Davidson & CO. bought a new position in Newmont Corporation (NYSE:NEM - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 27,720 shares of the basic materials company's stock, valued at approximately $3,197,000.

Other institutional investors have also made changes to their positions in the company. BOKF NA lifted its holdings in shares of Newmont by 10.5% in the third quarter. BOKF NA now owns 79,113 shares of the basic materials company's stock valued at $9,125,000 after purchasing an additional 7,525 shares in the last quarter. WPG Advisers LLC acquired a new stake in shares of Newmont in the third quarter worth $63,000. Pinnacle Wealth Planning Services Inc. purchased a new position in shares of Newmont during the third quarter valued at $131,000. North Dakota State Investment Board purchased a new position in shares of Newmont during the third quarter valued at $4,833,000. Finally, North Star Investment Management Corp. acquired a new position in Newmont during the third quarter valued at $1,570,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of the firm's 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 transaction, the chief executive officer owned 127,471 shares of the company's stock, valued at approximately $14,634,945.51. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm's 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 transaction, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 32,973 shares of company stock valued at $3,646,819. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NEM shares. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. BMO Capital Markets raised their price objective on Newmont from $135.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. BNP Paribas Exane lifted their target price on Newmont from $102.00 to $112.00 and gave the company a "neutral" rating in a research note on Monday, August 17th. Canadian Imperial Bank of Commerce set a $154.00 target price on Newmont in a report on Friday, October 16th. Finally, Freedom Broker lowered shares of Newmont from a "buy" rating to a "hold" rating and reduced their price target for the stock from $130.00 to $116.00 in a research report on Thursday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $137.20.

Newmont Trading Up 2.3%

NYSE NEM opened at $109.03 on Tuesday. The company has a current ratio of 2.45, a quick ratio of 2.16 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1-year low of $78.60 and a 1-year high of $135.29. The firm's fifty day simple moving average is $120.16 and its 200-day simple moving average is $112.46. The company has a market capitalization of $113.31 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.26. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The firm had revenue of $6.36 billion during the quarter, compared to analysts' expectations of $6.27 billion. During the same quarter last year, the firm earned $1.71 earnings per share. The business's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, November 25th. Newmont's payout ratio is currently 12.09%.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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