GRIMES & Co WEALTH MANAGEMENT LLC Purchases 4,593 Shares of Newmont Corporation $NEM

GRIMES & Co WEALTH MANAGEMENT LLC acquired a new position in Newmont Corporation (NYSE:NEM) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,593 shares of the basic materials company’s stock, valued at approximately $530,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NEM. BlackRock Inc. bought a new stake in shares of Newmont during the 2nd quarter valued at $11,289,753,000. Van ECK Associates Corp bought a new position in shares of Newmont in the 2nd quarter worth about $671,197,000. Bank of New York Mellon Corp bought a new position in shares of Newmont in the 2nd quarter worth about $1,219,505,000. First Eagle Investment Management LLC bought a new position in shares of Newmont in the 2nd quarter worth about $241,820,000. Finally, Amundi purchased a new position in Newmont during the 2nd quarter valued at about $209,411,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $108.04, for a total transaction of $324,120.00. Following the transaction, the executive vice president directly owned 31,315 shares of the company’s stock, valued at $3,383,272.60. The trade was a 8.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $108.04, for a total value of $419,411.28. Following the transaction, the chief executive officer owned 101,691 shares of the company’s stock, valued at approximately $10,986,695.64. This trade represents a 3.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 20,646 shares of company stock valued at $2,380,140. Company insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Weiss Ratings raised shares of Newmont from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. Canadian Imperial Bank of Commerce set a $154.00 target price on shares of Newmont in a research note on Friday, October 16th. Jefferies Financial Group lifted their target price on shares of Newmont from $146.00 to $155.00 in a report on Friday, October 9th. Wall Street Zen cut Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Bank of America increased their target price on Newmont from $135.00 to $145.00 in a research note on Monday, August 17th. Two 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $137.20.

More Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont’s strong free-cash-flow momentum is supporting investment in growth projects and additional shareholder returns, a potential fundamental tailwind. Article: Can Newmont’s Strong Free Cash Flow Momentum Carry Into Q4?
• Positive Sentiment: Recent quarterly results also provide support: Newmont beat analyst expectations for earnings and revenue, with revenue up year over year. Newmont company information
• Negative Sentiment: Insider-sale reports may weigh modestly on sentiment. EVP Peter Toth sold 3,000 shares, while the reported executive transactions were made under pre-arranged plans; the CEO’s sale was described as covering tax withholding on vested awards, which reduces their significance as a signal about the company’s outlook. Article: Insider Selling: Newmont EVP Sells 3,000 Shares

Newmont Stock Up 10.0%

NEM opened at $118.22 on Thursday. The company has a current ratio of 2.45, a quick ratio of 2.16 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1-year low of $80.49 and a 1-year high of $135.29. The company has a market capitalization of $122.85 billion, a PE ratio of 13.75, a PEG ratio of 1.96 and a beta of 0.56. The firm’s 50 day simple moving average is $119.34 and its two-hundred day simple moving average is $112.44.

Newmont (NYSE:NEM) 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 the consensus estimate of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.71 EPS. As a group, equities analysts forecast that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, November 25th. 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.