Opal Capital LLC Acquires New Position in Newmont Corporation $NEM

Opal Capital LLC bought a new position in shares of Newmont Corporation (NYSE:NEM) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 6,801 shares of the basic materials company’s stock, valued at approximately $736,000.

Several other institutional investors and hedge funds have also made changes to their positions in NEM. Brighton Jones LLC raised its holdings in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 1,847 shares during the period. Woodline Partners LP grew its position in shares of Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after buying an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Newmont during the second quarter worth about $240,000. Cerity Partners LLC lifted its holdings in Newmont by 108.9% in the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after acquiring an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after acquiring an additional 3,856 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BNP Paribas Exane lowered their target price on Newmont from $111.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Wall Street Zen lowered Newmont from a “buy” rating to a “hold” rating in a research report on Saturday. Canaccord Genuity Group lowered their price objective on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Scotiabank dropped their target price on Newmont from $151.00 to $147.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. Finally, Royal Bank Of Canada cut their target price on Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average price target of $132.83.

Newmont Stock Performance

Shares of NYSE NEM opened at $91.54 on Wednesday. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $99.34 and a 200-day simple moving average of $109.76. The company has a market cap of $96.45 billion, a PE ratio of 11.56, a P/E/G ratio of 1.11 and a beta of 0.46. Newmont Corporation has a 12-month low of $61.76 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same period last year, the firm earned $1.43 EPS. On average, equities research analysts forecast that Newmont Corporation will post 8.92 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is 13.13%.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total value of $277,140.00. Following the completion of the sale, the executive vice president owned 43,315 shares of the company’s stock, valued at $4,001,439.70. This represents a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 28,556 shares of company stock valued at $3,058,146 in the last ninety days. Company insiders own 0.06% of the company’s stock.

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.