Soltis Investment Advisors LLC Makes New $4.77 Million Investment in Newmont Corporation $NEM

Soltis Investment Advisors LLC acquired a new stake in shares of Newmont Corporation (NYSE:NEM) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 41,321 shares of the basic materials company’s stock, valued at approximately $4,766,000.

A number of other hedge funds have also recently modified their holdings of NEM. BlackRock Inc. purchased a new position in Newmont during the 2nd quarter valued at about $11,289,753,000. State Street Corp boosted its stake in Newmont by 3.1% during the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock worth $4,893,852,000 after acquiring an additional 1,565,716 shares in the last quarter. Van ECK Associates Corp bought a new stake in Newmont during the second quarter worth about $671,197,000. Bank of New York Mellon Corp purchased a new stake in Newmont in the second quarter worth about $1,219,505,000. Finally, First Eagle Investment Management LLC purchased a new stake in Newmont in the second quarter worth about $241,820,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Bank of America boosted their price target on Newmont from $135.00 to $145.00 in a research report on Monday, August 17th. TD Cowen cut their price target on Newmont from $133.00 to $131.00 in a research note on Tuesday, October 20th. RBC Dominion Securities set a $155.00 price target on Newmont and gave the stock an “outperform” rating in a research note on Thursday, October 22nd. Finally, TD Securities raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Two equities research 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $137.20.

Newmont Stock Down 2.0%

NYSE:NEM opened at $111.65 on Friday. The firm has a market cap of $116.02 billion, a P/E ratio of 12.98, a P/E/G ratio of 2.07 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45. Newmont Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $135.29. The firm has a 50-day simple moving average of $121.04 and a two-hundred day simple moving average of $112.51.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.26. The business had revenue of $6.36 billion during the quarter, compared to analysts’ expectations of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.71 earnings per share. Analysts predict that Newmont Corporation will post 9.14 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be given 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 0.9%. Newmont’s dividend payout ratio (DPR) is 12.09%.

Insider Activity at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction that occurred 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 directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 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 $344,430.00. Following the sale, the executive vice president owned 34,315 shares in the company, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,973 shares of company stock valued at $3,927,169 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

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.