Tandem Financial LLC Makes New $948,000 Investment in Newmont Corporation $NEM

Key Points

• Tandem Financial LLC bought 10,145 Newmont shares worth approximately $948,000 during the second quarter. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Newmont’s analyst consensus remains “Moderate Buy”, with 20 of 24 analysts rating the stock Strong Buy or Buy and an average price target of $132.73, despite several recent target reductions.
• Newmont reported quarterly earnings of $2.10 per share, exceeding estimates, while revenue of $6.12 billion fell short of expectations. The company also declared a quarterly dividend of $0.26 per share, representing a 0.8% annualized yield.

Tandem Financial LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,145 shares of the basic materials company's stock, valued at approximately $948,000.

Several other hedge funds have also recently modified their holdings of NEM. Leonteq Securities AG acquired a new position in Newmont during the 4th quarter valued at approximately $9,018,000. ARS Investment Partners LLC lifted its stake in shares of Newmont by 3.6% during the fourth quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company's stock worth $69,602,000 after buying an additional 23,900 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Newmont during the second quarter worth $36,180,000. Asset One Wealth Management LLC purchased a new stake in shares of Newmont during the second quarter valued at $2,866,000. Finally, Private Advisory Group LLC purchased a new stake in shares of Newmont during the second quarter valued at $10,430,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Activity at Newmont

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $807,456.00. Following the completion of the sale, the chief executive officer directly owned 135,235 shares in the company, valued at approximately $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 in the last 90 days. Corporate insiders own 0.06% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on NEM shares. Raymond James Financial reissued an "outperform" rating and issued a $140.00 target price on shares of Newmont in a research report on Monday. Canaccord Genuity Group lowered their price target on Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. Argus set a $110.00 price target on Newmont in a research note on Monday, August 3rd. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Finally, BNP Paribas Exane reduced their price objective on Newmont from $111.00 to $102.00 and set a "neutral" rating for the company in a research note on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $132.73.

Newmont Stock Performance

Shares of NYSE NEM opened at $131.84 on Tuesday. The company has a market capitalization of $138.92 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The company's fifty day moving average price is $102.12 and its 200 day moving average price is $109.03. Newmont Corporation has a 1 year low of $70.88 and a 1 year high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion during 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 in the previous year, the company earned $1.43 earnings per share. On average, research analysts predict that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont's payout ratio is currently 13.13%.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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