Renaissance Investment Group LLC Makes New $7.05 Million Investment in Newmont Corporation $NEM

Renaissance Investment Group LLC acquired a new stake in Newmont Corporation (NYSE:NEM) in the third quarter, HoldingsChannel reports. The institutional investor acquired 61,107 shares of the basic materials company’s stock, valued at approximately $7,048,000.

Several other large investors also recently modified their holdings of the business. Cedar Mountain Advisors LLC acquired a new position in shares of Newmont in the first quarter worth about $25,000. Clearstead Trust LLC purchased a new position in Newmont in the second quarter valued at about $25,000. Kilter Group LLC purchased a new position in Newmont in the second quarter valued at about $26,000. GoalVest Advisory LLC acquired a new stake in Newmont during the 3rd quarter valued at approximately $28,000. Finally, Financial Management Professionals Inc. acquired a new stake in Newmont during the 3rd quarter valued at approximately $30,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NEM has been the topic of several analyst reports. Jefferies Financial Group lifted their price objective on Newmont from $146.00 to $155.00 in a report on Friday, October 9th. BMO Capital Markets increased their target price on Newmont from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 29th. BNP Paribas Exane raised their price target on shares of Newmont from $102.00 to $112.00 and gave the stock a “neutral” rating in a research report on Monday, August 17th. Freedom Broker lowered shares of Newmont from a “buy” rating to a “hold” rating and dropped their price target for the stock from $130.00 to $116.00 in a research note on Thursday, October 22nd. Finally, Weiss Ratings raised shares of Newmont from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. Two equities research 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $137.20.

Insider Buying and Selling at Newmont

In other news, CEO Natascha Viljoen sold 7,764 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $344,430.00. Following the sale, the executive vice president owned 34,315 shares in the company, valued at $3,939,705.15. The trade was a 8.04% 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 35,973 shares of company stock worth $3,927,169 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $106.60 on Friday. The stock has a market capitalization of $110.78 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 2.04 and a beta of 0.51. Newmont Corporation has a one year low of $78.60 and a one year high of $135.29. The company’s 50-day simple moving average is $120.62 and its 200-day simple moving average is $112.48. 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 (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.26. The firm had revenue of $6.36 billion during the quarter, compared to analyst estimates of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. Newmont’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.71 earnings per share. Equities analysts anticipate that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

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.