40,323 Shares in Newmont Corporation $NEM Acquired by MGO One Seven LLC

MGO One Seven LLC bought a new position in Newmont Corporation (NYSE:NEM) during the 3rd quarter, Holdings Channel.com reports. The fund bought 40,323 shares of the basic materials company’s stock, valued at approximately $4,651,000.

Several other institutional investors and hedge funds have also modified their holdings of NEM. Greatmark Investment Partners Inc. bought a new stake in Newmont during the third quarter valued at about $265,000. Americana Partners LLC bought a new position in Newmont in the 3rd quarter worth approximately $390,000. Aprio Wealth Management LLC purchased a new stake in Newmont during the 3rd quarter valued at approximately $649,000. Avestar Capital LLC bought a new stake in shares of Newmont during the third quarter valued at approximately $1,117,000. Finally, Modera Wealth Management LLC bought a new stake in shares of Newmont during the third quarter valued at approximately $633,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,973 shares of company stock valued at $3,646,819 over the last ninety days. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NEM shares. Freedom Broker lowered shares of Newmont from a “buy” rating to a “hold” rating and dropped their target price for the stock from $130.00 to $116.00 in a research report on Thursday, October 22nd. Argus set a $110.00 target price on shares of Newmont and gave the company a “buy” rating in a research note on Monday, August 3rd. Barclays reduced their price target on shares of Newmont from $124.00 to $123.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Raymond James Financial reiterated an “outperform” rating and issued a $140.00 price target (up from $131.00) on shares of Newmont in a research note on Monday, August 24th. Finally, Canadian Imperial Bank of Commerce set a $154.00 price objective on shares of Newmont in a report on Friday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $137.20.

Newmont Stock Performance

Shares of NYSE:NEM opened at $109.03 on Tuesday. Newmont Corporation has a 52 week low of $78.60 and a 52 week high of $135.29. The stock has a market capitalization of $113.31 billion, a P/E ratio of 12.68, a PEG ratio of 2.07 and a beta of 0.51. The firm has a fifty day simple moving average of $120.16 and a two-hundred day simple moving average of $112.46. The company has a quick ratio of 2.16, a current ratio of 2.45 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.26. The firm had revenue of $6.36 billion for 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 was up 15.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.71 EPS. On average, analysts expect that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared 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 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.