Ritholtz Wealth Management Purchases 13,024 Shares of Newmont Corporation $NEM

Ritholtz Wealth Management boosted its position in shares of Newmont Corporation (NYSE:NEM) by 114.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,402 shares of the basic materials company’s stock after purchasing an additional 13,024 shares during the quarter. Ritholtz Wealth Management’s holdings in Newmont were worth $2,057,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its position in Newmont by 176.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after buying an additional 285,897 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of Newmont by 59.6% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after acquiring an additional 5,848 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Newmont by 172.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after acquiring an additional 2,723,044 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Newmont by 73.3% during the third quarter. Farther Finance Advisors LLC now owns 30,056 shares of the basic materials company’s stock valued at $2,534,000 after acquiring an additional 12,717 shares in the last quarter. Finally, Generate Investment Management Ltd raised its position in shares of Newmont by 25.9% in the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock valued at $22,079,000 after purchasing an additional 77,865 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s 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 of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,160 shares of company stock worth $767,206 in the last quarter. 0.05% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on NEM. Bank of America boosted their target price on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. CIBC set a $112.00 price objective on shares of Newmont and gave the company an “outperformer” rating in a report on Friday, October 10th. TD Securities raised their target price on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $120.00 price objective on shares of Newmont in a report on Sunday, December 7th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $99.35.

Newmont Price Performance

NYSE:NEM opened at $114.17 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The company has a 50 day moving average price of $97.58 and a 200-day moving average price of $82.68. Newmont Corporation has a 1-year low of $40.85 and a 1-year high of $115.70. The firm has a market cap of $124.59 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 0.85 and a beta of 0.41.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating 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 company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business earned $0.81 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. Equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Wednesday, November 26th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. Newmont’s dividend payout ratio is presently 15.53%.

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.