Welch Group LLC Buys New Position in Newmont Corporation $NEM

Welch Group LLC acquired a new stake in Newmont Corporation (NYSE:NEM) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 11,478 shares of the basic materials company’s stock, valued at approximately $1,324,000.

Other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Newmont in the second quarter valued at approximately $11,289,753,000. Van ECK Associates Corp bought a new position in Newmont during the 2nd quarter worth $671,197,000. Bank of New York Mellon Corp bought a new stake in Newmont in the second quarter valued at approximately $1,219,505,000. First Eagle Investment Management LLC bought a new position in Newmont during the second quarter worth $241,820,000. Finally, Amundi acquired a new position in shares of Newmont in the 2nd quarter valued at about $209,411,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Price Performance

Shares of Newmont stock opened at $106.60 on Monday. The company has a quick ratio of 2.16, a current ratio of 2.45 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12-month low of $78.60 and a 12-month high of $135.29. The firm has a market cap of $110.78 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.95 and a beta of 0.51. The company’s fifty day simple moving average is $120.62 and its two-hundred day simple moving average is $112.48.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.26. The company had revenue of $6.36 billion during the quarter, compared to analyst estimates of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The firm’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.71 earnings per share. As a group, equities analysts expect that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, November 25th. Newmont’s dividend payout ratio (DPR) is presently 12.09%.

Insider Activity at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of the business’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 value of $445,692.42. Following the completion of the transaction, the chief executive officer directly owned 127,471 shares in the company, valued at $14,634,945.51. The trade was a 2.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 32,973 shares of company stock valued at $3,646,819. 0.06% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Freedom Broker lowered shares of Newmont from a “buy” rating to a “hold” rating and cut their target price for the stock from $130.00 to $116.00 in a research note on Thursday, October 22nd. Jefferies Financial Group raised their price target on shares of Newmont from $146.00 to $155.00 in a research report on Friday, October 9th. BNP Paribas Exane raised their target price on Newmont from $102.00 to $112.00 and gave the company a “neutral” rating in a research report on Monday, August 17th. Raymond James Financial restated an “outperform” rating and set a $140.00 price target (up from $131.00) on shares of Newmont in a research note on Monday, August 24th. Finally, Scotiabank dropped their price target on shares of Newmont from $149.00 to $148.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $137.20.

Newmont Company 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.