Newmont Corporation $NEM Shares Newly Bought by North Star Investment Management Corp.

Key Points

• North Star Investment Management bought 13,608 Newmont shares worth approximately $1.57 million in the third quarter. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Newmont reported quarterly EPS of $2.20, beating estimates of $1.94, while revenue rose 15.2% year over year to $6.36 billion. The company also declared a quarterly dividend of $0.26 per share, implying a 0.9% yield.
• Shares opened at $111.65, down 2%, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $137.20.

North Star Investment Management Corp. acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 13,608 shares of the basic materials company's stock, valued at approximately $1,570,000.

Several other institutional investors and hedge funds have also modified their holdings of NEM. BlackRock Inc. purchased a new position in Newmont during the second quarter valued at approximately $11,289,753,000. Van ECK Associates Corp purchased a new stake in Newmont in the 2nd quarter worth approximately $671,197,000. Bank of New York Mellon Corp purchased a new stake in Newmont in the 2nd quarter worth approximately $1,219,505,000. First Eagle Investment Management LLC acquired a new stake in shares of Newmont during the 2nd quarter worth approximately $241,820,000. Finally, Amundi acquired a new stake in shares of Newmont during the 2nd quarter worth approximately $209,411,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Stock Down 2.0%

Newmont stock opened at $111.65 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The stock has a market capitalization of $116.02 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51. The business has a 50 day simple moving average of $121.04 and a 200-day simple moving average of $112.51. Newmont Corporation has a 12 month low of $78.60 and a 12 month high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $6.36 billion for the quarter, compared to analysts' expectations of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.71 EPS. On average, analysts anticipate that Newmont Corporation will post 9.14 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont's payout ratio is currently 12.09%.

Analyst Upgrades and Downgrades

NEM has been the subject of several recent research reports. TD lifted their target price on shares of Newmont from $127.00 to $133.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Barclays lowered their price target on shares of Newmont from $124.00 to $123.00 and set an "overweight" rating on the stock in a report on Monday, October 19th. Citigroup increased their price target on shares of Newmont from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Tuesday, October 20th. RBC Dominion Securities set a $155.00 price target on shares of Newmont and gave the company an "outperform" rating in a research report on Thursday, October 22nd. Finally, Freedom Broker cut shares of Newmont from a "buy" rating to a "hold" rating and cut their price objective for the company from $130.00 to $116.00 in a report on Thursday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $137.20.

Insider Activity at Newmont

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

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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