Gateway Wealth Partners LLC Invests $1.85 Million in Newmont Corporation $NEM

Key Points

• Gateway Wealth Partners acquired 17,086 Newmont shares valued at approximately $1.85 million, while institutional investors overall own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, exceeding the $2.05 analyst consensus, although revenue of $6.12 billion fell short of the $6.35 billion estimate.
• The company declared a quarterly dividend of $0.26 per share, equivalent to $1.04 annually and a 1.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $132.83.

Gateway Wealth Partners LLC acquired a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,086 shares of the basic materials company's stock, valued at approximately $1,850,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of NEM. CWM LLC raised its stake in shares of Newmont by 64.6% in the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after purchasing an additional 79,617 shares during the last quarter. Leonteq Securities AG purchased a new stake in Newmont in the fourth quarter valued at approximately $9,018,000. ARS Investment Partners LLC increased its holdings in Newmont by 3.6% in the 4th quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company's stock worth $69,602,000 after buying an additional 23,900 shares during the period. Ritholtz Wealth Management raised its position in Newmont by 67.0% during the 4th quarter. Ritholtz Wealth Management now owns 40,754 shares of the basic materials company's stock worth $4,069,000 after buying an additional 16,352 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new position in Newmont during the 4th quarter worth approximately $7,684,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Natascha Viljoen sold 3,882 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the sale, the chief executive officer owned 142,999 shares of the company's stock, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the company's stock in a transaction on Friday, May 1st. The stock was 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 of the company's stock, valued at $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last 90 days, insiders sold 28,556 shares of company stock valued at $3,058,146. Corporate insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of Newmont stock opened at $91.54 on Wednesday. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. Newmont Corporation has a twelve month low of $61.76 and a twelve month high of $134.88. The business has a 50-day moving average price of $99.34 and a 200 day moving average price of $109.76. The firm has a market cap of $96.45 billion, a PE ratio of 11.56, a P/E/G ratio of 1.11 and a beta of 0.46.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) 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 company had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter in the prior year, the business posted $1.43 earnings per share. Sell-side analysts predict that Newmont Corporation will post 8.92 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, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont's dividend payout ratio is presently 13.13%.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent research reports. Argus upped their price objective on shares of Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. UBS Group reduced their target price on shares of Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Scotiabank decreased their target price on shares of Newmont from $151.00 to $147.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. TD raised shares of Newmont from a "hold" rating to a "buy" rating and lowered their price target for the company from $129.00 to $127.00 in a report on Tuesday, July 14th. Finally, National Bank Financial cut their price target on Newmont from $140.00 to $125.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 14th. Two investment 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.

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