Pallas Capital Advisors LLC Makes New $1.15 Million Investment in Newmont Corporation $NEM

Pallas Capital Advisors LLC bought a new stake in Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,307 shares of the basic materials company’s stock, valued at approximately $1,149,000.

A number of other institutional investors have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. bought a new stake in Newmont in the 1st quarter valued at about $25,000. Cedar Mountain Advisors LLC bought a new position in Newmont during the first quarter worth about $25,000. Clearstead Trust LLC purchased a new position in shares of Newmont in the second quarter worth about $25,000. Swiss RE Ltd. purchased a new position in shares of Newmont in the fourth quarter worth about $26,000. Finally, Cornerstone Planning Group LLC raised its position in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $115.99 on Wednesday. Newmont Corporation has a 1 year low of $67.20 and a 1 year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The stock has a market capitalization of $122.22 billion, a PE ratio of 14.65, a P/E/G ratio of 1.31 and a beta of 0.47. The company’s 50 day simple moving average is $99.71 and its two-hundred day simple moving average is $108.70.

Newmont (NYSE:NEM) last announced its quarterly 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. The firm had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period last year, the firm earned $1.43 EPS. Analysts predict that Newmont Corporation will post 9 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 13.13%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the sale, the executive vice president owned 40,315 shares of the company’s stock, valued at $3,767,436.75. This trade represents a 6.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 dated 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 sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 over the last ninety days. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on NEM. Canadian Imperial Bank of Commerce set a $170.00 price objective on shares of Newmont in a report on Friday. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Wall Street Zen downgraded Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Bank of America cut their price target on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, BMO Capital Markets decreased their price objective on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.59.

Newmont Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.