Newmont Corporation $NEM Shares Newly Purchased by Adams Asset Advisors LLC

Key Points

• Adams Asset Advisors acquired 189,307 Newmont shares worth approximately $21.8 million in the third quarter, making Newmont about 2% of its portfolio. Institutional investors collectively own 68.85% of the company.
• Analysts maintain a generally positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $134.26.
• Newmont reported quarterly earnings of $2.10 per share, exceeding estimates, and pays a quarterly dividend of $0.26, equal to an annualized $1.04 and a 0.9% yield.

Adams Asset Advisors LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 189,307 shares of the basic materials company's stock, valued at approximately $21,835,000. Newmont makes up about 2.0% of Adams Asset Advisors LLC's portfolio, making the stock its 11th largest position.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NEM shares. Weiss Ratings raised Newmont from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, October 2nd. Scotiabank lifted their price target on Newmont from $147.00 to $149.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. 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. Jefferies Financial Group cut their price objective on shares of Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research report on Monday, July 6th. Finally, Wall Street Zen lowered shares of Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Two 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $134.26.

Newmont Stock Performance

Shares of Newmont stock traded up $1.92 during trading hours on Thursday, reaching $115.46. 5,432,489 shares of the stock traded hands, compared to its average volume of 8,664,604. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. The firm has a market capitalization of $121.66 billion, a price-to-earnings ratio of 14.58, a P/E/G ratio of 1.62 and a beta of 0.51. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average price of $119.95 and a 200 day moving average price of $110.09.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion for 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 quarter last year, the company posted $1.43 EPS. On average, equities research analysts expect that Newmont Corporation will post 9.1 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Insider Transactions at Newmont

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer owned 135,235 shares in the company, valued at approximately $14,064,440. This trade represents a 5.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the transaction, the executive vice president owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. The trade was 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 35,973 shares of company stock valued at $3,927,169 over the last quarter. 0.06% of the stock is currently owned by company 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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