Montz Harcus Wealth Management LLC Makes New $712,000 Investment in Newmont Corporation $NEM

Montz Harcus Wealth Management LLC bought a new position in Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,175 shares of the basic materials company’s stock, valued at approximately $712,000.

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

Insider Activity

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were 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 directly owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Natascha Viljoen sold 3,882 shares of the company’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 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 90 days, insiders sold 35,973 shares of company stock valued at $3,927,169. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Up 2.1%

NYSE NEM opened at $117.93 on Friday. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The stock’s 50-day simple moving average is $120.83 and its two-hundred day simple moving average is $110.29. Newmont Corporation has a twelve month low of $76.05 and a twelve month high of $135.29. The company has a market capitalization of $124.26 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.62 and a beta of 0.51.

Newmont (NYSE:NEM) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter in the previous year, the company posted $1.43 EPS. Research analysts forecast that Newmont Corporation will post 9.06 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Thursday, September 3rd. Newmont’s payout ratio is presently 13.13%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NEM. Scotiabank raised their price target on Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Weiss Ratings raised Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 2nd. The Goldman Sachs Group decreased their price objective on shares of Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. BNP Paribas Exane lowered their target price on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Finally, Bank of America dropped their target price on shares of Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.26.

Newmont Company Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.