Prestige Wealth Management Group LLC Grows Position in Newmont Corporation $NEM

Key Points

• Prestige Wealth Management Group LLC dramatically increased its Newmont stake in the fourth quarter, lifting holdings by 7,261.5% to 15,680 shares valued at about $1.57 million. Several other institutional investors also boosted positions, and institutions now own 68.85% of the stock.
• Newmont reported strong quarterly results, posting $2.90 EPS versus the $2.07 consensus estimate and revenue of $7.31 billion, up 45.8% year over year. Analysts expect the company to earn 9.91 EPS for the current year.
• The company declared a quarterly dividend of $0.26 per share, payable June 22, while analysts remain generally positive with a consensus rating of Moderate Buy and a consensus price target of $142.07.

Prestige Wealth Management Group LLC raised its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 7,261.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,680 shares of the basic materials company's stock after acquiring an additional 15,467 shares during the period. Prestige Wealth Management Group LLC's holdings in Newmont were worth $1,566,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. CWM LLC lifted its position in Newmont by 64.6% in the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after buying an additional 79,617 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Newmont by 24.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock worth $30,775,000 after buying an additional 54,530 shares during the last quarter. AustralianSuper Pty Ltd lifted its position in Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock worth $27,843,000 after buying an additional 183,360 shares during the last quarter. Waverton Investment Management Ltd lifted its position in Newmont by 3.4% in the 3rd quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company's stock worth $59,365,000 after buying an additional 23,139 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Newmont by 65.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 741,861 shares of the basic materials company's stock worth $62,546,000 after buying an additional 293,901 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

Shares of NEM stock opened at $108.46 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a fifty-two week low of $52.08 and a fifty-two week high of $134.88. The stock has a 50 day moving average price of $111.74 and a two-hundred day moving average price of $109.62. The company has a market capitalization of $115.79 billion, a P/E ratio of 14.07, a PEG ratio of 1.78 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the previous year, the company posted $1.25 earnings per share. The business's revenue was up 45.8% on a year-over-year basis. Analysts expect that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Newmont's payout ratio is 13.49%.

Insider Activity

In other news, EVP Peter Wexler sold 13,378 shares of the business'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 $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, 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 value of $252,812.56. Following the transaction, the insider directly owned 23,163 shares in the company, valued at $2,550,477.93. This trade 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 ninety days, insiders sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NEM shares. TD Cowen restated a "buy" rating on shares of Newmont in a research report on Monday, April 27th. Wall Street Zen downgraded Newmont from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 30th. Barclays started coverage on Newmont in a research report on Thursday, May 21st. They issued an "overweight" rating and a $133.00 target price for the company. Macquarie Infrastructure boosted their target price on Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group decreased their price target on Newmont from $165.00 to $154.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.07.

More Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Record gold prices are putting Newmont back in focus, reinforcing the stock’s appeal as a major gold producer and potential beneficiary of sustained strength in bullion. Record Gold Prices Put Newmont Back In Market Focus
• Positive Sentiment: RBC Capital maintained an outperform rating on Newmont despite lowering its price target to $140, signaling continued confidence in upside from current levels. RBC price target update
• Positive Sentiment: Recent bullish research also highlighted Newmont’s strong free cash flow, solid liquidity, and the company’s $6 billion buyback authorization as supportive long-term fundamentals. Newmont: Gold's Volatility Creates A Long-Term Opportunity
• Neutral Sentiment: Insider selling by CEO Natascha Viljoen and EVP Peter Toth was disclosed, but both trades were made under pre-arranged Rule 10b5-1 plans, which makes them less likely to signal a negative change in outlook.
• Neutral Sentiment: Some recent articles suggest Newmont may be trading near fair value after its sharp multi-month rally, so investors are weighing whether most of the near-term upside is already priced in. A Look At Newmont (NEM) Valuation As Shares Trade Near Estimated Fair Value
• Negative Sentiment: One market note warned that after a roughly 96% one-year surge, Newmont could face limited additional upside if gold prices or mining sentiment cool off. Is It Too Late To Reassess Newmont (NEM) After Its 1 Year 96% Surge?

About Newmont

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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