West Michigan Advisors LLC Takes Position in Newmont Corporation $NEM

Key Points

• West Michigan Advisors LLC has established a new stake in Newmont Corporation, acquiring 4,953 shares valued at approximately $289,000 in the second quarter.
• Newmont's recent earnings report showed a significant increase, with $1.71 EPS for the quarter, exceeding estimates by $0.44 and reflecting a 20% year-over-year revenue growth.
• Several analysts have raised their target prices for Newmont, with UBS Group setting a new target of $105.50 and Zacks Research upgrading the stock to a strong-buy rating.

West Michigan Advisors LLC purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,953 shares of the basic materials company's stock, valued at approximately $289,000.

A number of other large investors also recently modified their holdings of NEM. Brighton Jones LLC lifted its stake in shares of Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,847 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Newmont by 22.2% in the 1st quarter. GAMMA Investing LLC now owns 21,146 shares of the basic materials company's stock valued at $1,021,000 after acquiring an additional 3,840 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Newmont in the 1st quarter valued at $423,000. Flagship Harbor Advisors LLC bought a new position in Newmont during the 1st quarter worth $202,000. Finally, Moran Wealth Management LLC raised its position in Newmont by 5.3% during the 1st quarter. Moran Wealth Management LLC now owns 26,294 shares of the basic materials company's stock worth $1,269,000 after purchasing an additional 1,314 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. UBS Group raised their target price on Newmont from $92.00 to $105.50 and gave the stock a "buy" rating in a research report on Thursday, October 16th. CIBC set a $112.00 target price on Newmont and gave the stock an "outperformer" rating in a research report on Friday, October 10th. Zacks Research raised Newmont from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 20th. Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 target price for the company. Finally, Wall Street Zen raised Newmont from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Newmont currently has an average rating of "Moderate Buy" and a consensus price target of $90.59.

Newmont Price Performance

Shares of NEM opened at $83.25 on Friday. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $98.58. The firm has a market cap of $91.45 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.60 and a beta of 0.34. The business's 50 day moving average price is $81.17 and its two-hundred day moving average price is $65.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.69% and a net margin of 33.42%.The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company posted $0.81 EPS. The firm's revenue was up 20.0% compared to the same quarter last year. On average, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont's payout ratio is presently 15.53%.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the transaction, the director owned 36,869 shares of the company's stock, valued at $3,133,496.31. This trade represents a 5.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,249 shares of company stock valued at $1,132,065 in the last three months. Corporate insiders own 0.05% of the company's stock.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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