Live Oak Investment Partners Purchases New Stake in Newmont Corporation $NEM

Live Oak Investment Partners acquired a new position in shares of Newmont Corporation (NYSE:NEM) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,471 shares of the basic materials company’s stock, valued at approximately $2,232,000. Newmont comprises approximately 1.7% of Live Oak Investment Partners’ holdings, making the stock its 20th largest position.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Newmont in the 2nd quarter valued at about $919,170,000. Invesco Ltd. lifted its holdings in shares of Newmont by 45.0% in the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after purchasing an additional 4,839,447 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Newmont by 6.3% during the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock valued at $433,236,000 after buying an additional 438,748 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Newmont by 1,502.5% during the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after buying an additional 4,399,778 shares in the last quarter. Finally, Boston Partners raised its position in Newmont by 4,090.7% in the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after buying an additional 4,532,263 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of analyst reports. Bank of America lifted their price objective on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Jefferies Financial Group reissued a “buy” rating and issued a $120.00 price target on shares of Newmont in a report on Sunday, December 7th. TD Securities raised their price target on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Raymond James Financial boosted their price objective on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, CIBC set a $112.00 price objective on shares of Newmont and gave the company an “outperformer” rating in a report on Friday, October 10th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $99.35.

Newmont Price Performance

Shares of NYSE NEM opened at $114.17 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a fifty-two week low of $40.85 and a fifty-two week high of $115.70. The stock has a market cap of $124.59 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 0.85 and a beta of 0.41. The stock has a fifty day moving average of $96.97 and a 200-day moving average of $82.12.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 EPS. Equities research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Wednesday, November 26th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 0.9%. Newmont’s payout ratio is currently 15.53%.

Insider Buying and Selling

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,160 shares of company stock worth $767,206 in the last ninety days. 0.05% of the stock is currently owned by insiders.

About Newmont

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.