Freestone Grove Partners LP Purchases New Position in Newmont Corporation $NEM

Freestone Grove Partners LP purchased a new stake in Newmont Corporation (NYSE:NEM) during the second quarter, Holdings Channel reports. The firm purchased 19,608 shares of the basic materials company’s stock, valued at approximately $1,831,000.

Several other hedge funds have also recently bought and sold shares of NEM. Pinnacle Bancorp Inc. bought a new position in shares of Newmont during the first quarter valued at $25,000. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont in the 1st quarter worth about $25,000. Clearstead Trust LLC bought a new stake in shares of Newmont in the 2nd quarter worth about $25,000. Kilter Group LLC acquired a new stake in shares of Newmont during the 2nd quarter worth about $26,000. Finally, Swiss RE Ltd. acquired a new stake in shares of Newmont during the 4th quarter worth about $26,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on NEM. Weiss Ratings lowered shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. TD raised their price objective on shares of Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. BMO Capital Markets cut their target price on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. Jefferies Financial Group reduced their target price on Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Finally, Royal Bank Of Canada decreased their price target on Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $132.73.

Insider Activity

In related news, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were 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 owned 135,235 shares of the company’s stock, 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 SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the transaction, 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. Insiders have sold 32,091 shares of company stock valued at $3,292,513 over the last three months. 0.06% of the stock is owned by insiders.

Newmont Stock Down 3.4%

Shares of NYSE NEM opened at $127.84 on Friday. The firm’s 50-day simple moving average is $104.23 and its 200 day simple moving average is $109.57. The company has a market cap of $134.70 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47. 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 $72.78 and a 12-month high of $135.29.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The firm 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. On average, research analysts expect that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio is 13.13%.

Newmont Profile

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.