NINE MASTS CAPITAL Ltd Takes $92,000 Position in Newmont Corporation $NEM

NINE MASTS CAPITAL Ltd acquired a new stake in Newmont Corporation (NYSE:NEM) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,421 shares of the basic materials company’s stock, valued at approximately $92,000.

Several other hedge funds have also added to or reduced their stakes in the business. Pinnacle Bancorp Inc. bought a new stake in shares of Newmont in the first quarter worth about $25,000. Cedar Mountain Advisors LLC bought a new position in shares of Newmont during the 1st quarter valued at about $25,000. Clearstead Trust LLC bought a new position in shares of Newmont during the 2nd quarter valued at about $25,000. Kilter Group LLC acquired a new position in shares of Newmont in the 2nd quarter valued at approximately $26,000. Finally, Swiss RE Ltd. bought a new stake in Newmont during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Down 0.1%

Newmont stock opened at $127.84 on Monday. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1-year low of $72.78 and a 1-year high of $135.29. The company has a fifty day simple moving average of $104.23 and a 200 day simple moving average of $109.49. The company has a market cap of $134.70 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.32 and a beta of 0.47.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS 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 firm had revenue of $6.12 billion for the quarter, compared to analysts’ expectations of $6.35 billion. During the same period in the previous year, the firm posted $1.43 EPS. Research analysts anticipate that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Insider Buying and Selling

In other Newmont news, 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 transaction, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Natascha Viljoen sold 7,764 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the sale, the chief executive officer owned 135,235 shares in the company, valued at approximately $14,064,440. This represents a 5.43% 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 quarter, insiders have sold 25,209 shares of company stock worth $2,567,701. Corporate insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $140.00 price target on shares of Newmont in a research note on Monday, August 24th. Barclays lowered their price objective on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, July 28th. Wall Street Zen cut shares of Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Canaccord Genuity Group reduced their target price on shares of Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Finally, BMO Capital Markets lowered their target price on Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $132.73.

Newmont Company 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.