Foundation Resource Management Inc. Acquires New Holdings in Newmont Corporation $NEM

Foundation Resource Management Inc. acquired a new position in shares of Newmont Corporation (NYSE:NEM) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 491,849 shares of the basic materials company’s stock, valued at approximately $56,730,000. Newmont accounts for approximately 4.7% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 4th largest position.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. purchased a new stake in Newmont in the first quarter valued at approximately $25,000. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont during the first quarter worth $25,000. Clearstead Trust LLC purchased a new position in shares of Newmont during the second quarter worth $25,000. Kilter Group LLC acquired a new stake in shares of Newmont in the second quarter valued at $26,000. Finally, GoalVest Advisory LLC acquired a new stake in shares of Newmont in the third quarter valued at $28,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Down 0.5%

Newmont stock traded down $0.57 during mid-day trading on Monday, reaching $118.03. 5,040,061 shares of the company’s stock were exchanged, compared to its average volume of 8,555,714. The company has a market cap of $124.37 billion, a P/E ratio of 14.90, a P/E/G ratio of 2.20 and a beta of 0.51. Newmont Corporation has a twelve month low of $76.05 and a twelve month high of $135.29. 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 company has a fifty day moving average of $122.06 and a 200-day moving average of $110.89.

Newmont (NYSE:NEM) last issued its quarterly 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 company had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter last year, the company posted $1.43 EPS. Sell-side analysts expect that Newmont Corporation will post 9.05 EPS for the current year.

Newmont Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on NEM shares. Royal Bank Of Canada boosted their price objective on Newmont from $135.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Wall Street Zen cut Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Canadian Imperial Bank of Commerce set a $154.00 target price on Newmont in a report on Friday. National Bank Financial lifted their target price on Newmont from $120.00 to $140.00 and gave the company a “sector perform” rating in a research report on Monday, September 21st. Finally, Canaccord Genuity Group cut their price target on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $133.45.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $344,430.00. Following the sale, the executive vice president directly owned 34,315 shares in the company, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $445,692.42. Following the completion of the transaction, the chief executive officer owned 127,471 shares of the company’s stock, valued at approximately $14,634,945.51. This trade represents 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. Over the last three months, insiders have sold 35,973 shares of company stock worth $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.