Wolverine Asset Management LLC Has $2.40 Million Stock Holdings in Newmont Corporation $NEM

Wolverine Asset Management LLC grew its position in Newmont Corporation (NYSE:NEM) by 23.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 28,500 shares of the basic materials company’s stock after buying an additional 5,500 shares during the period. Wolverine Asset Management LLC’s holdings in Newmont were worth $2,403,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Harbor Capital Advisors Inc. increased its holdings in shares of Newmont by 53.5% in the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 139 shares in the last quarter. Summit Financial Wealth Advisors LLC grew its position in shares of Newmont by 2.3% in the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock valued at $566,000 after purchasing an additional 145 shares during the period. Welch Group LLC increased its stake in Newmont by 1.3% during the 3rd quarter. Welch Group LLC now owns 12,187 shares of the basic materials company’s stock worth $1,027,000 after purchasing an additional 153 shares in the last quarter. Hemington Wealth Management raised its holdings in Newmont by 17.6% during the 2nd quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company’s stock worth $66,000 after buying an additional 170 shares during the period. Finally, IVC Wealth Advisors LLC lifted its stake in Newmont by 1.3% in the second 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. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. The Goldman Sachs Group raised their price objective on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a report on Monday, January 12th. BNP Paribas Exane downgraded Newmont from an “outperform” rating to a “neutral” rating and set a $97.00 price target on the stock. in a research note on Friday, December 5th. Bank of America boosted their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. UBS Group lifted their price objective on shares of Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a report on Monday, December 1st. Finally, Jefferies Financial Group reissued a “buy” rating and set a $120.00 price target on shares of Newmont in a research report on Sunday, December 7th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Newmont currently has an average rating of “Buy” and an average price target of $99.35.

Newmont Stock Performance

NYSE NEM opened at $114.17 on Friday. The stock has a market cap of $124.59 billion, a PE ratio of 17.73, a P/E/G ratio of 0.85 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The firm has a 50-day moving average of $97.58 and a 200-day moving average of $82.51. Newmont Corporation has a 52-week low of $40.85 and a 52-week high of $115.70.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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 firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the business posted $0.81 earnings per share. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

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

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 9,160 shares of company stock valued at $767,206. 0.05% of the stock is currently owned by company insiders.

About Newmont

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.