Crescent Grove Advisors LLC Purchases New Position in Newmont Corporation $NEM

Crescent Grove Advisors LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 29,764 shares of the basic materials company’s stock, valued at approximately $3,433,000.

Several other hedge funds have also modified their holdings of NEM. Cardinal Point Capital Management ULC acquired a new stake in shares of Newmont during the 3rd quarter valued at about $16,010,000. PFS Partners LLC acquired a new stake in Newmont in the 3rd quarter valued at $71,000. Eagle Rock Investment Company LLC acquired a new stake in shares of Newmont in the third quarter valued at about $1,948,000. Hartford Financial Management Inc. purchased a new stake in shares of Newmont during the third quarter worth about $57,000. Finally, Skylands Capital LLC purchased a new stake in shares of Newmont during the third quarter worth about $4,393,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Up 0.2%

Shares of NEM opened at $117.09 on Thursday. The company’s 50-day moving average price is $122.06 and its 200 day moving average price is $111.00. Newmont Corporation has a 12-month low of $76.05 and a 12-month high of $135.29. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The firm has a market cap 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.

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 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 company had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same quarter last year, the firm posted $1.43 earnings per share. On average, sell-side analysts forecast that Newmont Corporation will post 9.04 earnings per share for the current year.

Insider Activity

In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $445,692.42. Following the completion of the transaction, the chief executive officer owned 127,471 shares of the company’s stock, valued at approximately $14,634,945.51. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction that occurred on 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 completion of the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 35,973 shares of company stock valued at $3,927,169. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NEM. UBS Group reduced their price target on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Wall Street Zen cut Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. The Goldman Sachs Group cut their price objective on Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Scotiabank boosted their price objective on Newmont from $147.00 to $149.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Finally, Barclays reduced their target price on Newmont from $124.00 to $123.00 and set an “overweight” rating for the company in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $133.92.

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.