Newmont Corporation $NEM Shares Newly Acquired by Weaver Capital Management LLC

Key Points

• Weaver Capital Management initiated a Newmont position by purchasing 10,388 shares valued at approximately $1.2 million. Institutional investors and hedge funds collectively own 68.85% of Newmont’s stock.
• Newmont reported quarterly EPS of $2.10, exceeding estimates of $2.05, while revenue reached $6.12 billion. The company also maintains a quarterly dividend of $0.26, equivalent to a 0.9% annual yield.
• Analysts have a “Moderate Buy” consensus rating with an average price target of $134.26, although recent targets have varied. Newmont shares were trading at $115.67, up 3.7%.

Weaver Capital Management LLC purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 10,388 shares of the basic materials company's stock, valued at approximately $1,198,000.

A number of other institutional investors also recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its position in Newmont by 76.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,952,493 shares of the basic materials company's stock worth $225,201,000 after purchasing an additional 847,306 shares during the period. Retirement Planning Co of New England Inc. bought a new position in Newmont during the 3rd quarter valued at $1,231,000. Ninety One UK Ltd bought a new position in Newmont during the 3rd quarter valued at $282,919,000. Summit Financial Wealth Advisors LLC acquired a new position in shares of Newmont during the 3rd quarter valued at $788,000. Finally, Ninety One SA Pty Ltd acquired a new position in shares of Newmont during the 3rd quarter valued at $18,842,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Trading Up 3.7%

Newmont stock opened at $115.67 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The firm has a market cap of $121.88 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51. Newmont Corporation has a 1 year low of $76.05 and a 1 year high of $135.29. The firm's 50 day moving average price is $121.96 and its two-hundred day moving average price is $110.78.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly 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. Newmont had a return on equity of 29.10% and a net margin of 33.36%. The company had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. During the same quarter in the prior year, the company earned $1.43 earnings per share. On average, research analysts predict that Newmont Corporation will post 9.05 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Thursday, September 3rd were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Thursday, September 3rd. Newmont's payout ratio is presently 13.13%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on NEM shares. Jefferies Financial Group dropped their price objective on Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. Bank of America cut their price objective on Newmont from $157.00 to $132.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $140.00 target price on shares of Newmont in a research note on Monday, August 24th. Royal Bank Of Canada lifted their target price on Newmont from $135.00 to $155.00 and gave the stock an "outperform" rating in a report on Wednesday, September 16th. Finally, BNP Paribas Exane lowered their target price on Newmont from $111.00 to $102.00 and set a "neutral" rating on the stock in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average price target of $134.26.

Insider Buying and Selling

In other news, CEO Natascha Viljoen sold 7,764 shares of the business's stock in a transaction 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 sale, the chief executive officer directly owned 135,235 shares of the company's stock, valued at $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the sale, the executive vice president directly owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. This represents a 8.04% 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 have sold 35,973 shares of company stock worth $3,927,169 in the last three months. 0.06% of the stock is currently owned by insiders.

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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