NewEdge Wealth LLC Has $420,000 Stake in Newmont Corporation $NEM

Key Points

• NewEdge Wealth cut its Newmont stake by 77.9% in the first quarter, selling 13,671 shares and retaining 3,878 shares valued at approximately $420,000. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Analysts maintain a generally positive outlook, with Newmont receiving a “Moderate Buy” consensus rating and an average price target of $132.83, despite several recent target reductions. The stock recently opened at $91.34.
• Newmont reported quarterly EPS of $2.10, exceeding estimates of $2.05, while revenue of $6.12 billion fell short of expectations. The company declared a quarterly dividend of $0.26, representing a 1.1% annualized yield.

NewEdge Wealth LLC reduced its stake in Newmont Corporation (NYSE:NEM - Free Report) by 77.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,878 shares of the basic materials company's stock after selling 13,671 shares during the period. NewEdge Wealth LLC's holdings in Newmont were worth $420,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Apella Capital LLC grew its holdings in shares of Newmont by 4.1% during the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock worth $219,000 after purchasing an additional 86 shares in the last quarter. New Wave Wealth Advisors LLC lifted its position in Newmont by 1.3% during the fourth quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company's stock worth $684,000 after purchasing an additional 88 shares during the period. Novem Group grew its stake in Newmont by 3.7% during the fourth quarter. Novem Group now owns 2,487 shares of the basic materials company's stock worth $248,000 after buying an additional 88 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in Newmont by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company's stock valued at $714,000 after buying an additional 96 shares during the period. Finally, Coston McIsaac & Partners raised its position in shares of Newmont by 28.6% in the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock valued at $44,000 after buying an additional 100 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on NEM shares. Canaccord Genuity Group reduced their price target on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Raymond James Financial lowered their price objective on shares of Newmont from $139.00 to $137.00 and set an "outperform" rating for the company in a research report on Tuesday, June 30th. Weiss Ratings downgraded Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, June 17th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $168.00 price target on shares of Newmont in a research note on Tuesday. Finally, Citigroup dropped their price objective on Newmont from $150.00 to $125.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $132.83.

Newmont Stock Down 0.2%

Shares of NEM opened at $91.34 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont Corporation has a 52 week low of $61.76 and a 52 week high of $134.88. The stock has a market capitalization of $96.24 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.02 and a beta of 0.46. The stock has a fifty day moving average of $99.02 and a 200-day moving average of $109.65.

Newmont (NYSE:NEM - Get Free Report) last issued its 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 business had revenue of $6.12 billion during the quarter, compared to analysts' expectations of $6.35 billion. During the same quarter in the prior year, the firm earned $1.43 EPS. As a group, sell-side analysts anticipate that Newmont Corporation will post 8.99 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. Newmont's dividend payout ratio is currently 13.13%.

Insider Buying and Selling at Newmont

In other Newmont news, insider David John Thornton sold 2,296 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the sale, the insider directly owned 23,163 shares of the company's stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total transaction of $277,140.00. Following the completion of the transaction, the executive vice president owned 43,315 shares of the company's stock, valued at approximately $4,001,439.70. This trade represents a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 28,556 shares of company stock worth $3,058,146 in the last 90 days. Corporate insiders own 0.06% of the company's stock.

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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