Drum Hill Capital LLC Acquires New Position in Newmont Corporation $NEM

Drum Hill Capital LLC acquired a new stake in shares of Newmont Corporation (NYSE:NEM) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 81,271 shares of the basic materials company’s stock, valued at approximately $9,374,000. Newmont accounts for 6.0% of Drum Hill Capital LLC’s investment portfolio, making the stock its 4th largest position.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Cedar Mountain Advisors LLC acquired a new stake in Newmont during the first quarter worth $25,000. Pinnacle Bancorp Inc. bought a new stake in Newmont in the 1st quarter valued at $25,000. GoalVest Advisory LLC acquired a new position in shares of Newmont in the 3rd quarter valued at $28,000. Clearstead Trust LLC acquired a new position in shares of Newmont in the 2nd quarter valued at $25,000. Finally, Kilter Group LLC bought a new position in shares of Newmont during the 2nd quarter worth about $26,000. 68.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the firm’s 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 $344,430.00. Following the completion of the sale, the executive vice president owned 34,315 shares of the company’s stock, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont 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 $14,634,945.51. This trade represents a 2.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NEM shares. BMO Capital Markets lifted their target price on shares of Newmont from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 29th. National Bank Financial increased their price target on shares of Newmont from $120.00 to $140.00 and gave the stock a “sector perform” rating in a research report on Monday, September 21st. Canaccord Genuity Group dropped their price target 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. UBS Group cut their price target on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, Barclays cut their price target on shares of Newmont from $124.00 to $123.00 and set an “overweight” rating for the company in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $133.45.

Newmont Stock Down 0.5%

Shares of NYSE NEM opened at $118.03 on Tuesday. Newmont Corporation has a 52-week low of $76.05 and a 52-week high of $135.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The business has a fifty day moving average of $122.08 and a two-hundred day moving average of $110.96. The stock has a market cap of $124.37 billion, a PE ratio of 14.90, a PEG ratio of 2.20 and a beta of 0.51.

Newmont (NYSE:NEM) last posted 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. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the prior year, the firm earned $1.43 EPS. As a group, equities research analysts expect that Newmont Corporation will post 9.05 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Newmont 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.