Red Cedar Investment Management LLC Acquires New Shares in Newmont Corporation $NEM

Red Cedar Investment Management LLC bought a new position in Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 28,484 shares of the basic materials company’s stock, valued at approximately $2,401,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. increased its holdings in Newmont by 53.5% during the 3rd 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 during the period. HHM Wealth Advisors LLC increased its stake in Newmont by 26.4% in the 3rd quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock worth $56,000 after acquiring an additional 140 shares during the last quarter. Summit Financial Wealth Advisors LLC raised its holdings 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 acquiring an additional 145 shares in the last quarter. Welch Group LLC increased its position in shares of Newmont by 1.3% in the third 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 during the last quarter. Finally, Resonant Capital Advisors LLC raised its stake in Newmont by 3.8% in the third quarter. Resonant Capital Advisors LLC now owns 4,401 shares of the basic materials company’s stock valued at $371,000 after purchasing an additional 163 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. TD Securities increased their price target on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. UBS Group raised their price target on Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Macquarie upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 5th. Argus boosted their target price on Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Finally, Jefferies Financial Group upped their target price on Newmont from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $105.88.

Newmont Stock Up 1.3%

Shares of Newmont stock opened at $125.97 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a 52-week low of $40.85 and a 52-week high of $129.25. The company’s 50 day moving average price is $101.35 and its 200-day moving average price is $85.43. The stock has a market capitalization of $137.46 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 0.95 and a beta of 0.41.

Insider Buying and Selling

In other news, Director Bruce R. Brook sold 2,080 shares of the business’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 transaction of $192,108.80. Following the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 9,160 shares of company stock worth $767,206. Corporate insiders own 0.05% of the company’s stock.

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.