SteelPeak Wealth LLC Takes $2.61 Million Position in Newmont Corporation $NEM

SteelPeak Wealth LLC bought a new stake in shares of Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 44,709 shares of the basic materials company’s stock, valued at approximately $2,605,000.

Several other hedge funds have also recently made changes to their positions in the business. IVC Wealth Advisors LLC raised its position in shares of Newmont by 1.3% during the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company’s stock valued at $813,000 after buying an additional 173 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Newmont by 11.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after buying an additional 185 shares in the last quarter. Aaron Wealth Advisors LLC grew its holdings in Newmont by 4.4% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company’s stock valued at $260,000 after purchasing an additional 190 shares during the last quarter. Chelsea Counsel Co. grew its holdings in Newmont by 1.0% during the 2nd quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company’s stock valued at $1,067,000 after purchasing an additional 190 shares during the last quarter. Finally, Hemington Wealth Management grew its holdings in Newmont by 25.2% during the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 194 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NYSE:NEM opened at $87.03 on Wednesday. The firm has a market cap of $95.59 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 0.99 and a beta of 0.34. The firm’s 50 day simple moving average is $75.33 and its 200-day simple moving average is $61.73. Newmont Corporation has a one year low of $36.86 and a one year high of $89.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the company posted $0.72 earnings per share. As a group, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s dividend payout ratio (DPR) is currently 17.95%.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,249 shares of company stock worth $1,132,065. Corporate insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on NEM shares. Royal Bank Of Canada upgraded shares of Newmont from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $66.00 to $95.00 in a report on Wednesday, September 10th. Scotiabank upped their price target on shares of Newmont from $69.00 to $72.00 and gave the company a “sector perform” rating in a report on Monday, July 28th. Stifel Canada upgraded shares of Newmont to a “strong-buy” rating in a report on Tuesday, July 8th. UBS Group upped their price target on shares of Newmont from $70.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 19th. Finally, CIBC upped their price target on shares of Newmont from $74.00 to $78.00 and gave the company a “neutral” rating in a report on Friday, September 12th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.18.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.