Park Avenue Securities LLC Buys 74,510 Shares of Newmont Corporation $NEM

Key Points

• Park Avenue Securities initiated a position in Newmont by purchasing 74,510 shares valued at approximately $8.6 million. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.20, exceeding the $1.94 analyst consensus, while revenue reached $6.36 billion and grew 15.2% year over year.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $137.20, while Newmont announced a quarterly dividend of $0.26 per share.

Park Avenue Securities LLC purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund purchased 74,510 shares of the basic materials company's stock, valued at approximately $8,594,000.

Several other hedge funds have also bought and sold shares of NEM. Verdence Capital Advisors LLC purchased a new position in Newmont during the 3rd quarter valued at approximately $376,000. Leslie Global Wealth LLC purchased a new stake in shares of Newmont during the 3rd quarter worth approximately $226,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Newmont during the 3rd quarter worth approximately $425,000. apricus wealth LLC purchased a new stake in shares of Newmont during the 3rd quarter worth approximately $5,039,000. Finally, VUB Generali dochodkova spravcovska spolocnost a.s. bought a new position in shares of Newmont during the 3rd quarter valued at approximately $780,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Canadian Imperial Bank of Commerce set a $154.00 price objective on shares of Newmont in a research note on Friday, October 16th. Argus set a $110.00 target price on shares of Newmont and gave the company a "buy" rating in a research report on Monday, August 3rd. National Bank Financial lowered their price target on shares of Newmont from $140.00 to $135.00 and set a "sector perform" rating for the company in a report on Tuesday, October 20th. Sanford C. Bernstein lifted their price target on Newmont from $144.00 to $150.00 in a research report on Friday, October 16th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $140.00 price target (up from $131.00) on shares of Newmont in a research report on Monday, August 24th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $137.20.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the transaction, the executive vice president directly owned 34,315 shares in the company, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 35,973 shares of company stock worth $3,927,169. 0.06% of the stock is currently owned by insiders.

Newmont Stock Performance

NYSE:NEM opened at $113.89 on Thursday. The stock's fifty day moving average is $121.31 and its 200 day moving average is $112.50. Newmont Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $135.29. The firm has a market capitalization of $118.36 billion, a PE ratio of 13.24, a PEG ratio of 2.01 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.26. The company had revenue of $6.36 billion during the quarter, compared to the consensus estimate of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. Newmont's revenue was up 15.2% on a year-over-year basis. During the same period last year, the company earned $1.71 earnings per share. On average, sell-side analysts anticipate that Newmont Corporation will post 9.11 earnings per share for the current year.

Newmont Dividend Announcement

The company 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 $0.26 dividend. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's dividend payout ratio is currently 12.09%.

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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