TrinityBridge Ltd Purchases New Position in Newmont Corporation $NEM

Key Points

• TrinityBridge acquired 11,740 Newmont shares in the third quarter, valued at about $1.35 million. Other institutional investors also opened positions, and institutions collectively own 68.85% of the company.
• Analysts have a Moderate Buy consensus on Newmont, with an average price target of $137.20; recent targets range from $123 to $155.
• Newmont beat quarterly earnings and revenue expectations, reporting EPS of $2.20 and revenue of $6.36 billion, up 15.2% year over year. The company declared a quarterly dividend of $0.26 per share.

TrinityBridge Ltd acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,740 shares of the basic materials company's stock, valued at approximately $1,354,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Hourglass Capital LLC acquired a new stake in Newmont during the 3rd quarter worth approximately $13,066,000. Hennessy Advisors Inc. acquired a new position in Newmont in the 3rd quarter valued at approximately $2,491,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH acquired a new position in Newmont in the 3rd quarter valued at approximately $814,000. Greenleaf Trust acquired a new position in Newmont in the 3rd quarter valued at approximately $3,043,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Newmont during the second quarter valued at $36,180,000. Institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NEM shares. National Bank Financial cut their price target on shares of Newmont from $140.00 to $135.00 and set a "sector perform" rating on the stock in a report on Tuesday, October 20th. Barclays decreased their price objective on Newmont from $124.00 to $123.00 and set an "overweight" rating for the company in a report on Monday, October 19th. Bank of America raised their target price on Newmont from $135.00 to $145.00 in a research report on Monday, August 17th. BMO Capital Markets raised their target price on Newmont from $135.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. Finally, Royal Bank Of Canada lifted their target price on Newmont from $135.00 to $155.00 and gave the stock an "outperform" rating in a report on Wednesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $137.20.

Insider Transactions at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $108.04, for a total value of $419,411.28. Following the completion of the transaction, the chief executive officer directly owned 101,691 shares of the company's stock, valued at approximately $10,986,695.64. This trade represents a 3.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $108.04, for a total value of $324,120.00. Following the completion of the transaction, the executive vice president directly owned 31,315 shares in the company, valued at $3,383,272.60. This represents a 8.74% 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. Over the last quarter, insiders have sold 20,646 shares of company stock valued at $2,380,140. Company insiders own 0.06% of the company's stock.

Newmont Stock Down 1.5%

Shares of NYSE NEM opened at $107.48 on Wednesday. The company's 50 day moving average price is $119.68 and its 200-day moving average price is $112.42. 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 Corporation has a 52-week low of $78.60 and a 52-week high of $135.29. The company has a market capitalization of $111.70 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 1.99 and a beta of 0.56.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.26. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The company had revenue of $6.36 billion during the quarter, compared to analysts' expectations of $6.27 billion. During the same period in the prior year, the company posted $1.71 earnings per share. Newmont's revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts forecast that Newmont Corporation will post 9.11 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, November 25th. Newmont's dividend payout ratio (DPR) is presently 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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.