Drum Hill Capital LLC Makes New Investment in Newmont Corporation $NEM

Drum Hill Capital LLC purchased a new stake in Newmont Corporation (NYSE:NEM) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 81,271 shares of the basic materials company’s stock, valued at approximately $9,374,000. Newmont comprises 6.0% of Drum Hill Capital LLC’s holdings, making the stock its 4th biggest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. CWA Asset Management Group LLC acquired a new position in shares of Newmont during the third quarter worth approximately $995,000. Investment Research Partners LLC bought a new stake in shares of Newmont during the third quarter valued at approximately $377,000. Warwick Investment Management Inc. bought a new stake in shares of Newmont during the third quarter valued at approximately $238,000. Retirement Planning Group LLC bought a new stake in shares of Newmont during the third quarter valued at approximately $486,000. Finally, Secure Asset Management LLC acquired a new stake in shares of Newmont in the third quarter valued at approximately $2,516,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other news, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This represents a 28.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value 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 trade represents a 2.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 35,973 shares of company stock worth $3,927,169. Insiders own 0.06% of the company’s stock.

Newmont Trading Down 0.5%

NEM opened at $118.03 on Tuesday. 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 company has a market cap of $124.37 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 2.20 and a beta of 0.51. The firm has a 50 day simple moving average of $122.08 and a 200 day simple moving average of $110.96. Newmont Corporation has a fifty-two week low of $76.05 and a fifty-two week high of $135.29.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the prior year, the business posted $1.43 earnings per share. On average, sell-side analysts anticipate that Newmont Corporation will post 9.05 earnings per share for the current year.

Newmont Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NEM shares. Canaccord Genuity Group dropped their price objective on shares of Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Bank of America reduced their price objective on Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Raymond James Financial reiterated an “outperform” rating and issued a $140.00 price objective on shares of Newmont in a research report on Monday, August 24th. Argus set a $110.00 target price on Newmont in a research report on Monday, August 3rd. Finally, Scotiabank boosted their target price on Newmont from $147.00 to $149.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $133.45.

Newmont Company Profile

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.