Pallas Capital Advisors LLC Makes New $1.15 Million Investment in Newmont Corporation $NEM

Pallas Capital Advisors LLC acquired a new position in Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 12,307 shares of the basic materials company’s stock, valued at approximately $1,149,000.

Several other institutional investors have also recently modified their holdings of NEM. Pinnacle Bancorp Inc. bought a new stake in Newmont in the 1st quarter worth approximately $25,000. Cedar Mountain Advisors LLC bought a new position in Newmont during the first quarter valued at approximately $25,000. Clearstead Trust LLC bought a new position in Newmont during the second quarter valued at approximately $25,000. Swiss RE Ltd. purchased a new position in shares of Newmont during the fourth quarter worth approximately $26,000. Finally, Cornerstone Planning Group LLC raised its stake in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Down 3.6%

Shares of Newmont stock opened at $115.99 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont Corporation has a 52-week low of $67.20 and a 52-week high of $134.88. The stock has a market capitalization of $122.22 billion, a price-to-earnings ratio of 14.65, a P/E/G ratio of 1.31 and a beta of 0.47. The company’s 50 day moving average price is $99.71 and its 200-day moving average price is $108.70.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The company had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same period in the prior year, the business posted $1.43 EPS. Equities research analysts forecast that Newmont Corporation will post 9 EPS for the current year.

Newmont Announces Dividend

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

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the transaction, the executive vice president directly owned 40,315 shares of the company’s stock, valued at approximately $3,767,436.75. This represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% 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 ninety days, insiders sold 32,091 shares of company stock valued at $3,292,513. Insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research reports. BNP Paribas Exane cut their price objective on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. National Bank Financial cut their price target on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. TD raised their price objective on Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, UBS Group decreased their price objective on Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $132.59.

Newmont Company 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.