VCI Wealth Management LLC Purchases 14,778 Shares of Newmont Corporation $NEM

Key Points

• VCI Wealth Management acquired 14,778 Newmont shares worth approximately $1.7 million during the third quarter, while institutional investors overall own 68.85% of the company.
• Newmont reported quarterly EPS of $2.20, beating estimates of $1.94, while revenue rose 15.2% year over year to $6.36 billion. The company also declared a quarterly dividend of $0.26 per share, equivalent to a 1.0% yield.
• Analysts maintain a generally positive outlook, with Newmont carrying a consensus “Moderate Buy” rating and an average price target of $137.20; however, company insiders sold 32,973 shares worth $3.65 million over the past 90 days.

VCI Wealth Management LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 14,778 shares of the basic materials company's stock, valued at approximately $1,704,000.

A number of other large investors have also modified their holdings of NEM. GRIMES & Co WEALTH MANAGEMENT LLC acquired a new position in Newmont during the 3rd quarter worth $530,000. BOCHK Asset Management Ltd acquired a new stake in Newmont in the 3rd quarter valued at about $3,068,000. Greenfield Seitz Capital Management LLC acquired a new stake in Newmont in the 3rd quarter valued at about $3,319,000. Lesa Sroufe & Co acquired a new stake in Newmont in the 3rd quarter valued at about $9,286,000. Finally, Signature Equity Partners LLC purchased a new position in shares of Newmont in the 3rd quarter valued at about $32,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Buying and Selling

In related news, CFO Brian Tabolt sold 11,445 shares of the business's 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Natascha Viljoen sold 3,882 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $445,692.42. Following the completion of the transaction, the chief executive officer directly owned 127,471 shares of the company's stock, 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 sold a total of 32,973 shares of company stock worth $3,646,819 over the last 90 days. 0.06% of the stock is owned by insiders.

Newmont Stock Up 2.3%

Newmont stock opened at $109.03 on Tuesday. Newmont Corporation has a 1-year low of $78.60 and a 1-year high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The stock has a market cap of $113.31 billion, a PE ratio of 12.68, a P/E/G ratio of 2.07 and a beta of 0.51. The stock's fifty day moving average is $120.16 and its two-hundred day moving average is $112.46.

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

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 25th. Newmont's dividend payout ratio (DPR) is 12.09%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Scotiabank lowered their price objective on Newmont from $149.00 to $148.00 and set an "outperform" rating for the company in a research report on Tuesday, October 27th. Wall Street Zen cut shares of Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. TD Securities upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Canaccord Genuity Group lowered their price target on shares of Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, July 23rd. Finally, TD Cowen lowered their price target on shares of Newmont from $133.00 to $131.00 in a report on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and an average target price of $137.20.

About Newmont

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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