NewEdge Wealth LLC Has $420,000 Stock Position in Newmont Corporation $NEM

NewEdge Wealth LLC lessened its position in shares of Newmont Corporation (NYSE:NEM) by 77.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,878 shares of the basic materials company’s stock after selling 13,671 shares during the quarter. NewEdge Wealth LLC’s holdings in Newmont were worth $420,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. acquired a new position in shares of Newmont in the 1st quarter worth approximately $25,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont during the first quarter worth $25,000. Swiss RE Ltd. bought a new position in Newmont during the fourth quarter worth $26,000. Cornerstone Planning Group LLC lifted its holdings in Newmont by 312.1% in the fourth 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 during the period. Finally, JPL Wealth Management LLC acquired a new position in Newmont in the third quarter valued at $27,000. Institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other Newmont news, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 Newmont stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. This represents a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 28,556 shares of company stock worth $3,058,146. Company insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM opened at $91.34 on Thursday. Newmont Corporation has a one year low of $61.76 and a one year high of $134.88. The company has a market cap of $96.24 billion, a PE ratio of 11.53, a P/E/G ratio of 1.02 and a beta of 0.46. The stock has a 50-day moving average of $99.02 and a 200-day moving average of $109.65. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the prior year, the business earned $1.43 EPS. On average, equities research analysts predict that Newmont Corporation will post 8.99 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be given a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 1.1%. Newmont’s dividend payout ratio (DPR) is presently 13.13%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Bank of America decreased their price target on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and set a $168.00 target price on shares of Newmont in a research note on Tuesday. Royal Bank Of Canada lowered their target price on Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Finally, Barclays cut their price target on Newmont from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $132.83.

Newmont 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.