GK Wealth Management LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,899 shares of the basic materials company’s stock, valued at approximately $644,000.
Other institutional investors also recently made changes to their positions in the company. Pinnacle Bancorp Inc. bought a new position in shares of Newmont during the first quarter worth approximately $25,000. Cedar Mountain Advisors LLC bought a new stake in Newmont in the 1st quarter valued at $25,000. Swiss RE Ltd. bought a new stake in Newmont in the 4th quarter valued at $26,000. Cornerstone Planning Group LLC grew its holdings in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after buying an additional 206 shares in the last quarter. Finally, JPL Wealth Management LLC acquired a new position in Newmont in the 3rd quarter valued at $27,000. Institutional investors own 68.85% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently weighed in on NEM. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $168.00 target price on shares of Newmont in a report on Tuesday, July 28th. Royal Bank Of Canada decreased their price target on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Canaccord Genuity Group lowered their price target on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Finally, The Goldman Sachs Group cut their price objective on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a report on Wednesday, July 1st. 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.11.
Insider Activity
In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the sale, the chief executive officer owned 142,999 shares in the company, valued at approximately $15,060,654.68. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total transaction of $277,140.00. Following the completion of the transaction, the executive vice president directly owned 43,315 shares in the company, valued at $4,001,439.70. This trade represents a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 9,882 shares of company stock worth $1,001,952. Insiders own 0.06% of the company’s stock.
Newmont Stock Performance
NYSE:NEM opened at $97.84 on Wednesday. The company has a market cap of $103.09 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.06 and a beta of 0.47. Newmont Corporation has a fifty-two week low of $64.96 and a fifty-two week high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The stock has a fifty day moving average price of $97.97 and a 200-day moving average price of $109.18.
Newmont (NYSE:NEM – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion for the quarter, compared to analysts’ expectations 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 business earned $1.43 earnings per share. As a group, equities analysts anticipate that Newmont Corporation will post 8.99 EPS for the current fiscal year.
Newmont Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is currently 13.13%.
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.
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