Sowell Financial Services LLC Buys 21,835 Shares of Newmont Corporation $NEM

Sowell Financial Services LLC acquired a new stake 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 21,835 shares of the basic materials company’s stock, valued at approximately $2,518,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Newmont during the 2nd quarter worth $11,289,753,000. State Street Corp grew its stake in Newmont by 3.1% in 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 acquiring an additional 1,565,716 shares during the period. Van ECK Associates Corp acquired a new position in Newmont in the second quarter valued at about $671,197,000. Bank of New York Mellon Corp acquired a new position in Newmont in the second quarter valued at about $1,219,505,000. Finally, First Eagle Investment Management LLC bought a new stake in shares of Newmont in the second quarter worth about $241,820,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada upped their target price on shares of Newmont from $135.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 16th. Scotiabank lowered their target price on Newmont from $149.00 to $148.00 and set an “outperform” rating for the company in a report on Tuesday. Freedom Broker downgraded Newmont from a “buy” rating to a “hold” rating and dropped their price target for the company from $130.00 to $116.00 in a research note on Thursday, October 22nd. Jefferies Financial Group boosted their price target on Newmont from $146.00 to $155.00 in a report on Friday, October 9th. Finally, TD Cowen reduced their price objective on Newmont from $133.00 to $131.00 in a research report on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $137.20.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 firm’s stock in a transaction dated 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 in the company, valued at approximately $14,634,945.51. This represents a 2.96% 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. Over the last 90 days, insiders sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Down 4.7%

Newmont stock opened at $106.60 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The company’s 50-day moving average is $120.62 and its 200-day moving average is $112.48. The firm has a market capitalization of $110.78 billion, a PE ratio of 12.40, a P/E/G ratio of 2.04 and a beta of 0.51. Newmont Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $135.29.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.94 by $0.26. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The company had revenue of $6.36 billion during the quarter, compared to the consensus estimate of $6.27 billion. During the same period in the previous year, the company posted $1.71 EPS. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Sell-side analysts anticipate that Newmont Corporation will post 9.11 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be given a dividend of $0.26 per share. 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 presently 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.