Ninepoint Partners LP Takes $1.86 Million Position in Newmont Corporation $NEM

Ninepoint Partners LP bought a new position in Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,930 shares of the basic materials company’s stock, valued at approximately $1,861,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pinnacle Bancorp Inc. acquired a new position in Newmont during the first quarter worth $25,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont in the 1st quarter valued at $25,000. Clearstead Trust LLC bought a new stake in shares of Newmont in the 2nd quarter worth about $25,000. Swiss RE Ltd. bought a new stake in shares of Newmont in the 4th quarter worth about $26,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

NEM has been the subject of several analyst reports. Barclays cut their price target on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a report on Tuesday, July 28th. UBS Group dropped their price objective on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. BNP Paribas Exane reduced their target price on Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. Finally, Bank of America decreased their price target on Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $132.59.

Insider Buying and Selling at Newmont

In related news, CEO Natascha Viljoen sold 7,764 shares of Newmont stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the completion of the sale, the chief executive officer directly owned 135,235 shares in the company, valued at $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the business’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 directly owned 40,315 shares of the company’s stock, valued at $3,767,436.75. This represents a 6.93% decrease in their ownership of the stock. 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 ninety days, insiders have sold 32,091 shares of company stock worth $3,292,513. Insiders own 0.06% of the company’s stock.

Newmont Stock Up 2.2%

Shares of NYSE:NEM opened at $127.86 on Friday. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The firm has a market cap of $134.72 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.29 and a beta of 0.47. Newmont Corporation has a 12 month low of $68.90 and a 12 month high of $134.88. The company’s 50-day moving average price is $100.96 and its two-hundred day moving average price is $108.80.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the previous year, the firm posted $1.43 earnings per share. As a group, research analysts forecast that Newmont Corporation will post 8.99 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be issued 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 dividend payout ratio is currently 13.13%.

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.