Newmont Corporation $NEM Shares Purchased by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC boosted its stake in shares of Newmont Corporation (NYSE:NEM) by 58.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,244 shares of the basic materials company’s stock after acquiring an additional 16,760 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Newmont were worth $4,518,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. GoalVest Advisory LLC acquired a new position in shares of Newmont in the 4th quarter valued at $25,000. Cornerstone Planning Group LLC boosted its holdings in 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 buying an additional 206 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in Newmont during the third quarter valued at $27,000. Lodestone Wealth Management LLC purchased a new position in Newmont in the fourth quarter valued at $28,000. Finally, Laurel Wealth Advisors LLC purchased a new position in Newmont in the fourth quarter valued at $30,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Newmont news, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This trade represents a 9.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 49,950 shares of company stock valued at $5,494,288. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the topic of several recent analyst reports. Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $121.00 to $157.00 in a research note on Friday, February 27th. Scotiabank cut their price target on Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research note on Friday, March 20th. Royal Bank Of Canada reduced their price target on Newmont from $160.00 to $140.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. Bank of America increased their price target on Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Jefferies Financial Group boosted their price objective on Newmont from $154.00 to $158.00 and gave the company a “buy” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.26.

Newmont Price Performance

NYSE:NEM opened at $98.55 on Wednesday. The stock has a 50 day moving average of $111.63 and a two-hundred day moving average of $109.87. Newmont Corporation has a 12 month low of $52.31 and a 12 month high of $134.88. The firm has a market cap of $105.20 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 1.64 and a beta of 0.42. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter last year, the business posted $1.25 earnings per share. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, analysts expect that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s dividend payout ratio is presently 13.49%.

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.