Turtle Creek Wealth Advisors LLC Acquires 7,662 Shares of Newmont Corporation $NEM

Turtle Creek Wealth Advisors LLC acquired a new position in Newmont Corporation (NYSE:NEM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,662 shares of the basic materials company’s stock, valued at approximately $884,000.

A number of other institutional investors have also recently made changes to their positions in NEM. Curated Wealth Partners LLC purchased a new stake in Newmont in the third quarter valued at about $1,319,000. Mainsail Asset Management LLC acquired a new stake in Newmont in the third quarter worth about $239,000. Nvwm LLC purchased a new stake in shares of Newmont during the third quarter worth about $75,000. KG Capital Management purchased a new stake in shares of Newmont during the third quarter worth about $383,000. Finally, Stapp Wealth Management Pllc acquired a new position in shares of Newmont during the third quarter valued at about $485,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. BMO Capital Markets increased their price objective on shares of Newmont from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 29th. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Citigroup dropped their target price on shares of Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. BNP Paribas Exane cut their price target on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Finally, Raymond James Financial restated an “outperform” rating and set a $140.00 price target on shares of Newmont in a research note on Monday, August 24th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $134.26.

Newmont Stock Performance

Shares of NEM opened at $115.67 on Friday. The stock has a 50-day moving average of $121.96 and a two-hundred day moving average of $110.78. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. 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 stock has a market cap of $121.88 billion, a P/E ratio of 14.61, a P/E/G ratio of 2.07 and a beta of 0.51.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%. During the same quarter in the previous year, the business earned $1.43 EPS. As a group, research analysts predict that Newmont Corporation will post 9.05 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Thursday, September 3rd were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont’s payout ratio is 13.13%.

Insider Buying and Selling

In related news, CEO Natascha Viljoen sold 3,882 shares of the 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 transaction, the chief executive officer owned 127,471 shares in the company, valued at approximately $14,634,945.51. This represents a 2.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was 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 owned 34,315 shares in the company, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,973 shares of company stock valued at $3,927,169 over the last quarter. 0.06% of the stock is currently owned by company insiders.

Newmont Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.