Newmont Corporation $NEM Shares Newly Purchased by Cardinal Point Capital Management ULC

Key Points

• Cardinal Point Capital Management purchased 138,803 Newmont shares worth approximately $16.0 million in the third quarter, while institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, beating estimates by $0.05, with revenue of $6.12 billion and a 33.36% net margin. Analysts expect full-year EPS of approximately $9.04.
• Analysts maintain a generally positive outlook, with Newmont receiving a “Moderate Buy” consensus rating and an average price target of $133.92 versus a share price of $117.09.

Cardinal Point Capital Management ULC acquired a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 138,803 shares of the basic materials company's stock, valued at approximately $16,010,000.

Other large investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. bought a new stake in Newmont in the second quarter valued at $36,180,000. Asset One Wealth Management LLC bought a new position in shares of Newmont during the second quarter worth about $2,866,000. Private Advisory Group LLC bought a new position in shares of Newmont during the second quarter worth about $10,430,000. Commerce Bank bought a new position in shares of Newmont during the second quarter worth about $3,418,000. Finally, Syon Capital LLC acquired a new stake in shares of Newmont in the 2nd quarter worth about $169,000. Institutional investors own 68.85% of the company's stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $117.09 on Thursday. The stock has a market cap of $123.37 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 2.16 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 12 month low of $76.05 and a 12 month high of $135.29. The stock's 50 day moving average price is $122.06 and its 200 day moving average price is $111.00.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. During the same period in the previous year, the business earned $1.43 earnings per share. Equities research analysts anticipate that Newmont Corporation will post 9.04 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Natascha Viljoen sold 3,882 shares of the company's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $445,692.42. Following the completion of the sale, the chief executive officer directly owned 127,471 shares of the company's stock, valued at $14,634,945.51. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 company's stock in a transaction dated 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 sale, the chief financial officer directly owned 29,324 shares of the company's stock, valued at $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 35,973 shares of company stock worth $3,927,169. Insiders own 0.06% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on NEM. Wall Street Zen downgraded shares of Newmont from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Royal Bank Of Canada upped their target price on shares of Newmont from $135.00 to $155.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 16th. Raymond James Financial restated an "outperform" rating and issued a $140.00 price target on shares of Newmont in a research note on Monday, August 24th. TD raised their price target on shares of Newmont from $127.00 to $133.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Finally, Scotiabank lifted their price target on Newmont from $147.00 to $149.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. 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, Newmont currently has an average rating of "Moderate Buy" and an average price target of $133.92.

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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