New Wave Wealth Advisors LLC Purchases 14,579 Shares of Newmont Corporation $NEM

New Wave Wealth Advisors LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM) during the third quarter, HoldingsChannel reports. The firm purchased 14,579 shares of the basic materials company’s stock, valued at approximately $1,685,000.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. acquired a new position in Newmont during the 2nd quarter worth about $11,289,753,000. Van ECK Associates Corp acquired a new stake in shares of Newmont in the second quarter valued at about $671,197,000. Bank of New York Mellon Corp bought a new position in shares of Newmont during the second quarter worth about $1,219,505,000. First Eagle Investment Management LLC bought a new position in shares of Newmont during the second quarter worth about $241,820,000. Finally, Amundi acquired a new position in shares of Newmont in the second quarter worth approximately $209,411,000. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on NEM. BMO Capital Markets upped their target price on Newmont from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 29th. The Goldman Sachs Group lowered their price target on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a report on Wednesday, July 1st. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Canaccord Genuity Group reduced their price objective on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.45.

Newmont Trading Down 0.3%

Shares of NEM stock traded down $0.32 during mid-day trading on Monday, hitting $118.28. The company’s stock had a trading volume of 2,214,038 shares, compared to its average volume of 8,540,496. The company’s fifty day simple moving average is $122.06 and its 200-day simple moving average is $110.89. Newmont Corporation has a 52 week low of $76.05 and a 52 week 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 company has a market cap of $124.63 billion, a PE ratio of 14.93, a P/E/G ratio of 2.20 and a beta of 0.51.

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

Newmont Announces Dividend

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

Insider Transactions at Newmont

In other 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 sale, the chief executive officer owned 127,471 shares of the company’s stock, valued at $14,634,945.51. This trade represents a 2.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 Newmont stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the sale, the executive vice president owned 34,315 shares of the company’s stock, valued at $3,939,705.15. This 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 a total of 35,973 shares of company stock valued at $3,927,169 in the last quarter. 0.06% of the stock is currently owned by company insiders.

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.