138,803 Shares of Newmont Corporation $NEM Purchased by Cardinal Point Capital Management ULC

Cardinal Point Capital Management ULC bought a new position in shares of Newmont Corporation (NYSE:NEM) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 138,803 shares of the basic materials company’s stock, valued at approximately $16,010,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont in the first quarter worth $25,000. Pinnacle Bancorp Inc. bought a new stake in shares of Newmont during the 1st quarter worth $25,000. GoalVest Advisory LLC acquired a new position in Newmont in the 3rd quarter valued at $28,000. Clearstead Trust LLC acquired a new position in Newmont in the 2nd quarter valued at $25,000. Finally, Kilter Group LLC acquired a new position in Newmont in the 2nd quarter valued at $26,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $344,430.00. Following the transaction, the executive vice president owned 34,315 shares of the company’s stock, valued at $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NEM. Weiss Ratings upgraded shares of Newmont from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. Sanford C. Bernstein dropped their price objective on Newmont from $147.00 to $144.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 9th. National Bank Financial cut their price objective on Newmont from $140.00 to $135.00 and set a “sector perform” rating for the company in a research report on Tuesday. Canaccord Genuity Group decreased their target price on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Finally, Jefferies Financial Group decreased their target price on Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $133.92.

Newmont Trading Up 0.2%

Shares of Newmont stock opened at $117.09 on Thursday. The stock has a market capitalization of $123.37 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 2.16 and a beta of 0.51. The company has a 50-day simple moving average of $122.06 and a 200 day simple moving average of $111.00. 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 Corporation has a 12-month low of $76.05 and a 12-month high of $135.29.

Newmont (NYSE:NEM) last released its quarterly earnings results 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 return on equity of 29.10% and a net margin of 33.36%. The business had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same period in the previous year, the business posted $1.43 earnings per share. Research analysts expect that Newmont Corporation will post 9.04 earnings per share for the current fiscal year.

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.