Hennessy Advisors Inc. Invests $889,000 in Newmont Corporation $NEM

Hennessy Advisors Inc. purchased a new stake in Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 42,528 shares of the basic materials company’s stock, valued at approximately $889,000.

Other large investors have also made changes to their positions in the company. Pinnacle Bancorp Inc. bought a new position in Newmont during the first quarter worth about $25,000. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont in the first quarter worth about $25,000. Clearstead Trust LLC acquired a new stake in shares of Newmont during the second quarter worth about $25,000. Kilter Group LLC acquired a new stake in shares of Newmont during the second quarter worth about $26,000. Finally, Swiss RE Ltd. bought a new position in shares of Newmont during the 4th quarter valued at about $26,000. Institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the transaction, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. This represents a 6.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm’s 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 completion of the transaction, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,209 shares of company stock valued at $2,567,701 in the last three months. 0.06% of the stock is currently owned by corporate insiders.

Newmont Trading Down 0.1%

NYSE:NEM opened at $127.84 on Monday. The company has a market cap of $134.70 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.32 and a beta of 0.47. Newmont Corporation has a twelve month low of $72.78 and a twelve month high of $135.29. The business has a 50 day moving average price of $104.23 and a two-hundred day moving average price of $109.49. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The company had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period last year, the company earned $1.43 earnings per share. As a group, analysts expect that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given 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 0.8%. Newmont’s payout ratio is 13.13%.

Analysts Set New Price Targets

Several brokerages recently issued reports on NEM. Barclays decreased their price objective on Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, July 28th. Argus set a $110.00 price target on shares of Newmont in a research note on Monday, August 3rd. Bank of America reduced their price target on shares of Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. The Goldman Sachs Group lowered their price objective on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Finally, Weiss Ratings lowered shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Two equities 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 stock. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.73.

About Newmont

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.