Inlet Private Wealth LLC Acquires New Stake in Newmont Corporation $NEM

Inlet Private Wealth LLC acquired a new stake in Newmont Corporation (NYSE:NEM) in the third quarter, Holdings Channel reports. The firm acquired 41,420 shares of the basic materials company’s stock, valued at approximately $4,777,000. Newmont accounts for approximately 1.2% of Inlet Private Wealth LLC’s holdings, making the stock its 28th biggest holding.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Newmont during the 2nd quarter worth approximately $11,289,753,000. Van ECK Associates Corp purchased a new stake in shares of Newmont during the second quarter worth $671,197,000. Bank of New York Mellon Corp purchased a new stake in shares of Newmont during the second quarter worth $1,219,505,000. First Eagle Investment Management LLC acquired a new stake in shares of Newmont in the second quarter valued at $241,820,000. Finally, Amundi acquired a new stake in shares of Newmont in the second quarter valued at $209,411,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Up 0.2%

Shares of NYSE:NEM opened at $117.09 on Thursday. The stock has a market cap of $123.37 billion, a P/E ratio of 14.78, a P/E/G ratio of 2.16 and a beta of 0.51. The firm has a fifty day moving average price of $122.06 and a 200 day moving average price of $111.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. Newmont Corporation has a 1-year low of $76.05 and a 1-year high of $135.29.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%. During the same quarter last year, the company posted $1.43 earnings per share. Sell-side analysts predict that Newmont Corporation will post 9.04 EPS for the current year.

Insider Activity

In other news, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 34,315 shares of the company’s stock, valued at approximately $3,939,705.15. This trade represents a 8.04% 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. Insiders have sold a total of 35,973 shares of company stock valued at $3,927,169 over the last quarter. Corporate insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on NEM shares. BNP Paribas Exane decreased their price objective on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. Sanford C. Bernstein cut their target price on Newmont from $147.00 to $144.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 9th. Jefferies Financial Group reduced their target price on Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a report on Monday, July 6th. TD upped their target price on Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, UBS Group decreased their target price on Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $133.92.

Newmont Profile

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.