Sowell Financial Services LLC Acquires 12,201 Shares of Newmont Corporation $NEM

Sowell Financial Services LLC boosted its stake in shares of Newmont Corporation (NYSE:NEM) by 70.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,637 shares of the basic materials company’s stock after buying an additional 12,201 shares during the quarter. Sowell Financial Services LLC’s holdings in Newmont were worth $2,499,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in NEM. Norges Bank purchased a new position in Newmont in the second quarter valued at about $919,170,000. Invesco Ltd. raised its holdings in shares of Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares during the period. Amundi lifted its stake in Newmont by 2.8% in the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after purchasing an additional 343,535 shares during the last quarter. Legal & General Group Plc grew its holdings in Newmont by 6.3% during the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock valued at $433,236,000 after purchasing an additional 438,748 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Newmont by 1,502.5% in the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after buying an additional 4,399,778 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of recent research reports. CIBC set a $112.00 price target on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. Macquarie raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Argus boosted their price target on shares of Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Finally, The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the stock a “buy” rating in a report on Sunday, October 12th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $96.37.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 11,240 shares of company stock valued at $943,985. 0.05% of the stock is owned by company insiders.

Newmont Price Performance

Shares of NYSE:NEM opened at $105.79 on Monday. The company has a 50 day moving average of $90.38 and a 200 day moving average of $77.66. The stock has a market cap of $115.44 billion, a P/E ratio of 16.43, a P/E/G ratio of 0.74 and a beta of 0.41. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $106.34. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the company posted $0.81 EPS. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Wednesday, November 26th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 15.53%.

Newmont Profile

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.