61,107 Shares in Newmont Corporation $NEM Bought by Renaissance Investment Group LLC

Renaissance Investment Group LLC bought a new position in shares of Newmont Corporation (NYSE:NEM) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 61,107 shares of the basic materials company’s stock, valued at approximately $7,048,000.

Other hedge funds also recently added to or reduced their stakes in the company. Parcion Private Wealth LLC acquired a new position in shares of Newmont in the third quarter worth $1,240,000. Soltis Investment Advisors LLC acquired a new stake in shares of Newmont in the third quarter valued at $4,766,000. United Asset Strategies Inc. acquired a new stake in shares of Newmont in the third quarter valued at $418,000. Choreo LLC purchased a new position in Newmont in the third quarter valued at $2,433,000. Finally, Childress Capital Advisors LLC purchased a new position in Newmont in the third quarter valued at $1,051,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on NEM. TD Cowen lowered their price target on shares of Newmont from $133.00 to $131.00 in a report on Tuesday, October 20th. RBC Dominion Securities set a $155.00 price target on Newmont and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. Scotiabank dropped 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. Jefferies Financial Group upped their price target on Newmont from $146.00 to $155.00 in a research note on Friday, October 9th. 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 analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $137.20.

Newmont Price Performance

Newmont stock opened at $106.60 on Friday. The company has a market cap of $110.78 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 2.04 and a beta of 0.51. Newmont Corporation has a one year low of $78.60 and a one year high of $135.29. The business has a fifty day moving average of $120.62 and a two-hundred day moving average of $112.48. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45.

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

Newmont Announces Dividend

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

Insider Buying and Selling

In related news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $445,692.42. Following the sale, the chief executive officer owned 127,471 shares of the company’s stock, valued at approximately $14,634,945.51. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’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 value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 35,973 shares of company stock valued at $3,927,169. Corporate insiders own 0.06% of the company’s stock.

About Newmont

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.