Park Avenue Securities LLC Acquires 74,510 Shares of Newmont Corporation $NEM

Park Avenue Securities LLC bought a new position in Newmont Corporation (NYSE:NEM) during the third quarter, HoldingsChannel.com reports. The fund bought 74,510 shares of the basic materials company’s stock, valued at approximately $8,594,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cedar Mountain Advisors LLC purchased a new stake in shares of Newmont during the first quarter valued at $25,000. Clearstead Trust LLC bought a new position in shares of Newmont in the second quarter worth about $25,000. Kilter Group LLC bought a new position in shares of Newmont in the second quarter worth about $26,000. GoalVest Advisory LLC purchased a new position in Newmont in the 3rd quarter worth about $28,000. Finally, Financial Management Professionals Inc. purchased a new position in Newmont in the 3rd quarter worth about $30,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NEM shares. Argus set a $110.00 price objective on shares of Newmont and gave the company a “buy” rating in a report on Monday, August 3rd. BMO Capital Markets upped their target price on shares of Newmont from $135.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 29th. Barclays reduced their target price on shares of Newmont from $124.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. TD Cowen decreased their price target on shares of Newmont from $133.00 to $131.00 in a research note on Tuesday, October 20th. Finally, Sanford C. Bernstein increased their price target on Newmont from $144.00 to $150.00 in a research report on Friday, October 16th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $137.20.

Insider Activity at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $445,692.42. Following the completion of the transaction, the chief executive officer directly owned 127,471 shares of the company’s stock, valued at approximately $14,634,945.51. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at approximately $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 a total of 35,973 shares of company stock worth $3,927,169 over the last quarter. Insiders own 0.06% of the company’s stock.

Newmont Trading Up 1.1%

Shares of Newmont stock opened at $113.89 on Thursday. The firm’s 50 day simple moving average is $121.31 and its two-hundred day simple moving average is $112.50. The firm has a market capitalization of $118.36 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 2.01 and a beta of 0.51. Newmont Corporation has a 12-month low of $78.60 and a 12-month high of $135.29. 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 (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.26. The company had revenue of $6.36 billion during the quarter, compared to analysts’ expectations of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The firm’s revenue 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. Analysts predict that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont’s payout ratio is 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.