NewEdge Wealth LLC Has $1.75 Million Position in Newmont Corporation $NEM

Key Points

• NewEdge Wealth LLC boosted its Newmont stake by 404% in the fourth quarter, ending with 17,549 shares valued at about $1.75 million.
• Newmont reported better-than-expected quarterly results, with EPS of $2.90 versus estimates of $2.07 and revenue of $7.31 billion, up 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share, while analysts remain broadly positive with a Moderate Buy consensus and an average target price of $142.51.

NewEdge Wealth LLC grew its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 404.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,549 shares of the basic materials company's stock after purchasing an additional 14,067 shares during the period. NewEdge Wealth LLC's holdings in Newmont were worth $1,752,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. GoalVest Advisory LLC purchased a new stake in Newmont in the 4th quarter worth about $25,000. Physician Wealth Advisors Inc. grew its stake in Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 236 shares in the last quarter. Cornerstone Planning Group LLC increased its holdings in shares of Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 206 shares during the period. JPL Wealth Management LLC acquired a new position in shares of Newmont in the 3rd quarter valued at about $27,000. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Newmont in the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $330,330.00. Following the completion of the sale, the executive vice president owned 49,315 shares of the company's stock, valued at $5,430,074.65. This represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 quarter, insiders sold 43,068 shares of company stock worth $4,769,475. Insiders own 0.06% of the company's stock.

Newmont Stock Down 0.6%

Newmont stock opened at $118.99 on Thursday. The company has a market capitalization of $127.02 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.66 and a beta of 0.43. The firm's fifty day simple moving average is $112.20 and its 200-day simple moving average is $106.79. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1-year low of $48.27 and a 1-year high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 earnings per share. Sell-side analysts forecast that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio is 13.49%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Bank of America raised their price target on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Sanford C. Bernstein upgraded shares of Newmont from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $121.00 to $157.00 in a research note on Friday, February 27th. Jefferies Financial Group increased their target price on shares of Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, April 10th. UBS Group decreased their target price on shares of Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a research note on Friday, March 27th. Finally, Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Saturday, April 25th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.51.

Newmont Company 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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