Parcion Private Wealth LLC Buys 10,748 Shares of Newmont Corporation $NEM

Parcion Private Wealth LLC purchased a new position in Newmont Corporation (NYSE:NEM) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,748 shares of the basic materials company’s stock, valued at approximately $1,240,000.

Several other hedge funds also recently made changes to their positions in the stock. Hourglass Capital LLC bought a new stake in Newmont during the 3rd quarter worth approximately $13,066,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH purchased a new stake in Newmont in the 3rd quarter worth approximately $814,000. Northwestern Mutual Wealth Management Co. bought a new position in Newmont in the 2nd quarter valued at $36,180,000. Fifth Third Wealth Advisors LLC bought a new position in Newmont in the 3rd quarter valued at $1,769,000. Finally, Asset One Wealth Management LLC bought a new position in Newmont in the 2nd quarter valued at $2,866,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on NEM shares. Citigroup boosted their price target on shares of Newmont from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. RBC Dominion Securities set a $155.00 price objective on Newmont and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. Scotiabank dropped their price objective on Newmont from $149.00 to $148.00 and set an “outperform” rating for the company in a research note on Tuesday. Freedom Broker downgraded shares of Newmont from a “buy” rating to a “hold” rating and lowered their target price for the company from $130.00 to $116.00 in a research note on Thursday, October 22nd. Finally, Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $137.20.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value 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 approximately $3,939,705.15. This represents a 8.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 the company’s stock in a transaction 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 completion of the sale, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is currently owned by corporate insiders.

Newmont Price Performance

NEM opened at $106.60 on Friday. The stock has a 50-day moving average price of $120.62 and a 200-day moving average price of $112.48. 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. The stock has a market capitalization of $110.78 billion, a P/E ratio of 12.40, a PEG ratio of 1.95 and a beta of 0.51.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, beating the consensus estimate of $1.94 by $0.26. The firm had revenue of $6.36 billion for the quarter, compared to analyst estimates of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The company’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.71 EPS. Equities analysts predict that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Newmont’s dividend payout ratio (DPR) 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.