Newmont Corporation $NEM Shares Newly Acquired by GAMMA Investing LLC

Key Points

• GAMMA Investing LLC acquired 34,336 Newmont shares during the third quarter, valued at approximately $3.96 million. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Analysts maintain a generally positive outlook, with Newmont receiving a “Moderate Buy” consensus rating and an average price target of $134.26.
• Newmont reported quarterly EPS of $2.10, exceeding estimates of $2.05, and maintains a quarterly dividend of $0.26 per share, representing a 0.9% yield.

GAMMA Investing LLC bought a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 34,336 shares of the basic materials company's stock, valued at approximately $3,960,000.

A number of other large investors also recently made changes to their positions in NEM. Galvin Gaustad & Stein LLC purchased a new position in Newmont during the third quarter valued at approximately $306,000. Farther Finance Advisors LLC purchased a new stake in Newmont in the 3rd quarter worth approximately $5,589,000. Sapient Capital LLC purchased a new stake in Newmont in the 3rd quarter worth approximately $267,000. CoreCap Advisors LLC acquired a new stake in shares of Newmont during the 3rd quarter valued at $2,915,000. Finally, Adams Asset Advisors LLC purchased a new position in shares of Newmont during the 3rd quarter valued at $21,835,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. National Bank Financial upped their price target on shares of Newmont from $120.00 to $140.00 and gave the stock a "sector perform" rating in a research note on Monday, September 21st. Canaccord Genuity Group reduced their price objective on Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. Barclays lowered their target price on Newmont from $125.00 to $124.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 28th. Raymond James Financial reaffirmed an "outperform" rating and issued a $140.00 target price on shares of Newmont in a research report on Monday, August 24th. Finally, Macquarie Infrastructure reduced their price target on Newmont from $133.00 to $123.00 and set an "outperform" rating for the company in a report on Monday, June 15th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $134.26.

Insider Activity at Newmont

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer owned 29,324 shares of the company's stock, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $445,692.42. Following the completion of the transaction, the chief executive officer directly owned 127,471 shares in the company, valued at approximately $14,634,945.51. This represents a 2.96% decrease in their ownership of the stock. 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 35,973 shares of company stock worth $3,927,169 in the last 90 days. 0.06% of the stock is owned by company insiders.

Newmont Stock Performance

Shares of NEM opened at $115.46 on Friday. The company has a market capitalization of $121.66 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.58 and a beta of 0.51. 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 $76.05 and a one year high of $135.29. The company's fifty day moving average price is $120.34 and its 200 day moving average price is $110.23.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to analysts' expectations 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 company earned $1.43 earnings per share. As a group, analysts expect that Newmont Corporation will post 9.1 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Thursday, September 3rd were paid 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 dividend payout ratio is presently 13.13%.

Newmont 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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