Welch Group LLC Makes New Investment in Newmont Corporation $NEM

Key Points

• Welch Group LLC initiated a position in Newmont during the third quarter, purchasing 11,478 shares valued at approximately $1.32 million. Institutional investors collectively own 68.85% of the company.
• Analysts maintain a generally positive outlook, with Newmont holding a consensus “Moderate Buy” rating and an average price target of $137.20, despite several recent target reductions.
• Newmont beat quarterly estimates with earnings of $2.20 per share and revenue of $6.36 billion, while declaring a quarterly dividend of $0.26 per share, equivalent to a 1.0% yield.

Welch Group LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 11,478 shares of the basic materials company's stock, valued at approximately $1,324,000.

A number of other hedge funds and other institutional investors have also modified their holdings of NEM. Cedar Mountain Advisors LLC acquired a new position in shares of Newmont during the 1st quarter valued at about $25,000. GoalVest Advisory LLC acquired a new stake in shares of Newmont in the third quarter valued at about $28,000. Financial Management Professionals Inc. acquired a new stake in shares of Newmont in the third quarter valued at about $30,000. Clearstead Trust LLC bought a new position in shares of Newmont in the second quarter worth about $25,000. Finally, Kilter Group LLC acquired a new position in shares of Newmont during the 2nd quarter worth about $26,000. Institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on NEM shares. Scotiabank decreased their price target on shares of Newmont from $149.00 to $148.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 27th. TD Cowen lowered their price target on shares of Newmont from $133.00 to $131.00 in a report on Tuesday, October 20th. 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 research report on Tuesday, October 20th. TD Securities upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Finally, Wall Street Zen lowered shares of Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.20.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the 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 completion of the transaction, the executive vice president directly owned 34,315 shares in the company, valued at $3,939,705.15. This represents a 8.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the transaction, the chief executive officer 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. 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. In the last three months, insiders sold 32,973 shares of company stock worth $3,646,819. 0.06% of the stock is owned by company insiders.

Newmont Stock Performance

Shares of NYSE:NEM opened at $106.60 on Monday. The firm's 50 day simple moving average is $120.62 and its 200 day simple moving average is $112.48. Newmont Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $135.29. The company has a market capitalization of $110.78 billion, a price-to-earnings ratio of 12.40, a P/E/G ratio of 1.95 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16.

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

Newmont Announces Dividend

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

Newmont Company 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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