22,559 Shares in Newmont Corporation $NEM Purchased by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors purchased 22,559 Newmont shares worth approximately $471,000, while institutional investors and hedge funds collectively own 68.85% of the company.
• Newmont reported quarterly earnings of $2.10 per share, beating estimates of $2.05, though revenue of $6.12 billion fell short of the $6.35 billion consensus forecast.
• The company declared a quarterly dividend of $0.26 per share, representing a $1.04 annualized payout and a 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $132.11.

Concurrent Investment Advisors LLC purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 22,559 shares of the basic materials company's stock, valued at approximately $471,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cedar Mountain Advisors LLC purchased a new stake in Newmont in the 1st quarter worth about $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont during the first quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in Newmont during the second quarter valued at approximately $25,000. Kilter Group LLC purchased a new position in Newmont during the second quarter valued at approximately $26,000. Finally, Bayban acquired a new position in Newmont in the 4th quarter valued at approximately $30,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Down 3.0%

Shares of NYSE NEM opened at $123.01 on Tuesday. Newmont Corporation has a 52-week low of $76.05 and a 52-week high of $135.29. 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 business has a fifty day moving average of $110.92 and a two-hundred day moving average of $109.73. The stock has a market cap of $129.61 billion, a PE ratio of 15.53, a PEG ratio of 1.79 and a beta of 0.52.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the prior year, the firm earned $1.43 earnings per share. As a group, equities research analysts expect that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. Newmont's payout ratio is currently 13.13%.

Analyst Ratings Changes

Several brokerages recently issued reports on NEM. Wall Street Zen lowered Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. The Goldman Sachs Group cut their price target on Newmont from $122.50 to $111.40 and set a "buy" rating for the company in a research note on Wednesday, July 1st. TD boosted their price target on Newmont from $127.00 to $133.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Canadian Imperial Bank of Commerce set a $170.00 price objective on shares of Newmont in a research report on Friday, August 14th. Finally, Citigroup reduced their target price on shares of Newmont from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Monday, July 20th. Two research 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 data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $132.11.

Insider Transactions at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total transaction of $477,486.00. Following the completion of the transaction, the chief executive officer directly owned 131,353 shares in the company, valued at approximately $16,156,419. The trade was a 2.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,091 shares of company stock worth $3,414,187 in the last quarter. 0.06% of the stock is owned by company insiders.

About Newmont

Newmont Corporation NYSE: NEM is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

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