Worth Financial Advisory Group LLC Makes New Investment in Newmont Corporation $NEM

Worth Financial Advisory Group LLC acquired a new stake in Newmont Corporation (NYSE:NEM) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 4,527 shares of the basic materials company’s stock, valued at approximately $522,000.

Several other large investors have also recently made changes to their positions in NEM. BlackRock Inc. bought a new stake in shares of Newmont during the 2nd quarter worth $11,289,753,000. State Street Corp grew its position in Newmont by 3.1% during the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock valued at $4,893,852,000 after buying an additional 1,565,716 shares during the period. Van ECK Associates Corp bought a new position in Newmont during the second quarter valued at about $671,197,000. Bank of New York Mellon Corp purchased a new stake in Newmont during the second quarter worth about $1,219,505,000. Finally, First Eagle Investment Management LLC purchased a new stake in Newmont during the second quarter worth about $241,820,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In related news, 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 value of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont 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 $344,430.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 35,973 shares of company stock worth $3,927,169. 0.06% of the stock is owned by corporate insiders.

Newmont Trading Down 0.5%

Shares of Newmont stock opened at $118.03 on Tuesday. Newmont Corporation has a 52-week low of $76.05 and a 52-week high of $135.29. The stock’s 50-day simple moving average is $122.08 and its 200 day simple moving average is $110.96. The stock has a market capitalization of $124.37 billion, a P/E ratio of 14.90, a P/E/G ratio of 2.20 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55.

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

Newmont Dividend Announcement

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

Wall Street Analysts Forecast Growth

NEM has been the topic of several research reports. TD Securities raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Canadian Imperial Bank of Commerce set a $154.00 target price on shares of Newmont in a research report on Friday. Royal Bank Of Canada lifted their price target on shares of Newmont from $135.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Sanford C. Bernstein dropped their price objective on Newmont from $147.00 to $144.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 9th. Finally, Wall Street Zen lowered Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $133.45.

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.