GC Wealth Management RIA LLC Purchases Shares of 6,535 Newmont Corporation $NEM

Key Points

• GC Wealth Management RIA LLC acquired 6,535 shares of Newmont Corporation (NYSE:NEM), valued at approximately $381,000, in the second quarter.
• Several institutional investors have increased their stakes in Newmont, with Generate Investment Management Ltd raising its position by 25.9% during the same period.
• Newmont recently announced a quarterly dividend of $0.25 per share, translating to an annual yield of 1.2%, with a payout ratio of 17.95%.

GC Wealth Management RIA LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,535 shares of the basic materials company's stock, valued at approximately $381,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Generate Investment Management Ltd raised its position in Newmont by 25.9% during the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company's stock valued at $22,079,000 after purchasing an additional 77,865 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Newmont by 13.2% in the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after acquiring an additional 1,379 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Newmont in the 1st quarter worth approximately $423,000. Spire Wealth Management raised its position in shares of Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after acquiring an additional 1,309 shares in the last quarter. Finally, Bayforest Capital Ltd raised its position in shares of Newmont by 269.4% in the 1st quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company's stock worth $426,000 after acquiring an additional 6,439 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of several research reports. Stifel Nicolaus initiated coverage on Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price for the company. National Bankshares reissued an "outperform" rating on shares of Newmont in a research report on Monday, September 22nd. BNP Paribas Exane increased their target price on Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. The Goldman Sachs Group increased their target price on Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a research report on Thursday, September 11th. Finally, Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $73.38.

Newmont Stock Performance

Newmont stock opened at $85.95 on Thursday. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $94.41 billion, a P/E ratio of 15.43, a PEG ratio of 0.94 and a beta of 0.34. The stock's 50 day moving average is $73.46 and its 200 day moving average is $60.55. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $87.93.

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 the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The firm's quarterly revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Thursday, September 4th. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares in the company, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,169 shares of company stock worth $955,286. Insiders own 0.05% of the company's stock.

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.

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