Parr Mcknight Wealth Management Group LLC Makes New Investment in Newmont Corporation $NEM

Parr Mcknight Wealth Management Group LLC purchased a new position in Newmont Corporation (NYSE:NEM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,602 shares of the basic materials company’s stock, valued at approximately $1,107,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Newmont in the second quarter worth approximately $11,289,753,000. State Street Corp lifted its holdings in shares of Newmont by 3.1% during the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock worth $4,893,852,000 after buying an additional 1,565,716 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Newmont in the 2nd quarter worth $671,197,000. Bank of New York Mellon Corp acquired a new position in Newmont in the 2nd quarter valued at approximately $1,219,505,000. Finally, First Eagle Investment Management LLC acquired a new position in shares of Newmont in the 2nd quarter valued at $241,820,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Key Headlines Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont’s strong free-cash-flow momentum is supporting investment in growth projects and additional shareholder returns, a potential fundamental tailwind. Article: Can Newmont’s Strong Free Cash Flow Momentum Carry Into Q4?
• Positive Sentiment: Recent quarterly results also provide support: Newmont beat analyst expectations for earnings and revenue, with revenue up year over year. Newmont company information
• Negative Sentiment: Insider-sale reports may weigh modestly on sentiment. EVP Peter Toth sold 3,000 shares, while the reported executive transactions were made under pre-arranged plans; the CEO’s sale was described as covering tax withholding on vested awards, which reduces their significance as a signal about the company’s outlook. Article: Insider Selling: Newmont EVP Sells 3,000 Shares

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Newmont from $146.00 to $155.00 in a report on Friday, October 9th. BNP Paribas Exane lifted their target price on shares of Newmont from $102.00 to $112.00 and gave the stock a “neutral” rating in a report on Monday, August 17th. Scotiabank reduced their price objective 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. Wall Street Zen downgraded Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Argus set a $110.00 target price on shares of Newmont and gave the stock a “buy” rating in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $137.20.

Newmont Stock Performance

NEM opened at $118.22 on Thursday. The business has a 50 day moving average of $119.34 and a 200-day moving average of $112.44. Newmont Corporation has a 12-month low of $80.49 and a 12-month high of $135.29. The stock has a market cap of $122.85 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.96 and a beta of 0.56. 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 (NYSE:NEM) last released its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.26. The firm had revenue of $6.36 billion for the quarter, compared to analysts’ expectations of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.71 EPS. On average, equities research analysts expect that Newmont Corporation will post 9.11 earnings per share for the current year.

Newmont Dividend Announcement

The company 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. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 12.09%.

Insider Transactions at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $108.04, for a total transaction of $419,411.28. Following the transaction, the chief executive officer directly owned 101,691 shares of the company’s stock, valued at approximately $10,986,695.64. This trade represents a 3.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $108.04, for a total value of $324,120.00. Following the completion of the sale, the executive vice president owned 31,315 shares of the company’s stock, valued at approximately $3,383,272.60. This trade represents a 8.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 20,646 shares of company stock valued at $2,380,140. 0.06% of the stock is currently owned by company insiders.

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.