30,687 Shares in Newmont Corporation (NYSE:NEM) Purchased by Cedar Wealth Management LLC

Key Points

• Cedar Wealth Management LLC has made a new investment of approximately $1.48 million in Newmont Corporation, acquiring 30,687 shares in the first quarter of 2023.
• Several hedge funds have increased their stakes in Newmont, resulting in institutional investors and hedge funds owning 68.85% of the company.
• Newmont recently announced a quarterly dividend of $0.25 per share, representing an annualized dividend yield of 1.6%, with the ex-dividend date on September 4th.

Cedar Wealth Management LLC acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 30,687 shares of the basic materials company's stock, valued at approximately $1,482,000. Newmont makes up 0.5% of Cedar Wealth Management LLC's investment portfolio, making the stock its 22nd biggest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of NEM. PNC Financial Services Group Inc. boosted its holdings in shares of Newmont by 5.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 133,640 shares of the basic materials company's stock valued at $6,452,000 after buying an additional 7,238 shares in the last quarter. TIAA Trust National Association boosted its holdings in shares of Newmont by 16.4% in the first quarter. TIAA Trust National Association now owns 6,474 shares of the basic materials company's stock valued at $313,000 after acquiring an additional 911 shares during the period. Signature Wealth Management Partners LLC increased its holdings in shares of Newmont by 6.1% in the 1st quarter. Signature Wealth Management Partners LLC now owns 16,849 shares of the basic materials company's stock valued at $813,000 after acquiring an additional 962 shares during the period. Baker Avenue Asset Management LP purchased a new stake in Newmont in the 1st quarter valued at $209,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Newmont during the 1st quarter worth $1,809,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

NEM has been the topic of several recent research reports. Royal Bank Of Canada boosted their price target on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. CIBC set a $74.00 target price on Newmont and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Finally, Scotiabank increased their target price on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday, July 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $64.58.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the sale, the executive vice president directly owned 74,526 shares of the company's stock, valued at $4,378,402.50. This trade represents a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the sale, the director owned 43,103 shares in the company, valued at $2,532,301.25. This represents a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,154 shares of company stock valued at $572,889. 0.05% of the stock is owned by corporate insiders.

Newmont Price Performance

Shares of NEM traded up $1.17 during mid-day trading on Tuesday, hitting $66.59. The company's stock had a trading volume of 3,556,160 shares, compared to its average volume of 12,101,364. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The stock has a market capitalization of $73.15 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.76 and a beta of 0.30. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $67.34. The firm has a 50-day moving average price of $58.33 and a 200 day moving average price of $51.58.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.72 earnings per share. On average, research analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.5%. Newmont's dividend payout ratio is presently 17.95%.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.