Newmont Corporation $NEM Shares Newly Acquired by Koa Wealth Management LLC

Koa Wealth Management LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 38,426 shares of the basic materials company’s stock, valued at approximately $4,432,000. Newmont accounts for about 3.0% of Koa Wealth Management LLC’s holdings, making the stock its 9th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Newmont in the 2nd quarter valued at approximately $11,289,753,000. State Street Corp grew its holdings in Newmont by 3.1% during the 2nd 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 during the last quarter. Van ECK Associates Corp bought a new stake in Newmont during the 2nd quarter worth approximately $671,197,000. Bank of New York Mellon Corp bought a new stake in Newmont during the 2nd quarter worth approximately $1,219,505,000. Finally, First Eagle Investment Management LLC acquired a new position in Newmont in the 2nd quarter valued at approximately $241,820,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Brian Tabolt sold 11,445 shares of the firm’s 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 $3,939,705.15. This represents a 8.04% decrease in their position. 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 three months, insiders have sold 35,973 shares of company stock worth $3,927,169. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Down 3.8%

NYSE NEM traded down $4.42 during mid-day trading on Wednesday, reaching $111.17. 2,292,003 shares of the stock were exchanged, compared to its average volume of 8,562,386. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. The stock has a 50 day simple moving average of $121.61 and a 200-day simple moving average of $110.60. The stock has a market cap of $117.14 billion, a P/E ratio of 14.03, a P/E/G ratio of 2.17 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%. The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same quarter in the prior year, the company earned $1.43 EPS. On average, analysts anticipate that Newmont Corporation will post 9.05 EPS for the current year.

Newmont Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on NEM shares. Weiss Ratings raised shares of Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 2nd. Wall Street Zen lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. TD boosted their price objective on shares of Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Raymond James Financial reissued an “outperform” rating and issued a $140.00 price objective on shares of Newmont in a research note on Monday, August 24th. Finally, BNP Paribas Exane cut 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. Two research 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 data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average target price of $134.26.

Newmont Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.