Newmont Corporation $NEM Shares Newly Purchased by Inlet Private Wealth LLC

Key Points

• Inlet Private Wealth LLC acquired 41,420 Newmont shares worth approximately $4.8 million in the third quarter, making Newmont 1.2% of its portfolio.
• Institutional ownership remains substantial at 68.85%, with major investors including BlackRock, VanECK Associates, and Bank of New York Mellon recently reporting new positions.
• Analysts maintain a generally positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $133.92, compared with a recent share price of $117.09.

Inlet Private Wealth LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 41,420 shares of the basic materials company's stock, valued at approximately $4,777,000. Newmont comprises 1.2% of Inlet Private Wealth LLC's investment portfolio, making the stock its 28th largest holding.

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

Newmont Price Performance

Newmont stock opened at $117.09 on Thursday. The company's 50 day simple moving average is $122.06 and its 200-day simple moving average is $111.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont Corporation has a 1 year low of $76.05 and a 1 year high of $135.29. The company has a market capitalization of $123.37 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 2.16 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $6.35 billion. During the same quarter last year, the company posted $1.43 EPS. As a group, equities research analysts expect that Newmont Corporation will post 9.04 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on NEM shares. The Goldman Sachs Group cut their target price on Newmont from $122.50 to $111.40 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Citigroup upped their price target on Newmont from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Tuesday. Bank of America lowered their price target on Newmont from $157.00 to $132.00 and set a "buy" rating for the company in a report on Thursday, July 9th. National Bank Financial lowered their price target on Newmont from $140.00 to $135.00 and set a "sector perform" rating for the company in a report on Tuesday. Finally, TD Securities raised Newmont from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and a consensus target price of $133.92.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business'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 value of $344,430.00. Following the sale, the executive vice president 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 document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $445,692.42. Following the transaction, the chief executive officer owned 127,471 shares in the company, valued at $14,634,945.51. This trade represents a 2.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,973 shares of company stock valued at $3,927,169 over the last quarter. 0.06% of the stock is owned by company insiders.

Newmont 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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