Redwood Investment Management LLC Buys New Holdings in Newmont Corporation $NEM

Key Points

• Redwood Investment Management LLC acquired 28,618 shares of Newmont Corporation, valued at approximately $1,382,000, indicating growing institutional interest in the company.
• Newmont's stock saw an upward trend, with shares opening at $72.49, and it reported an EPS of $1.43 for the last quarter, significantly surpassing analysts' estimates.
• The company recently announced a $0.25 quarterly dividend, representing an annual yield of 1.4%, rewarding investors amid strong financial performance.

Redwood Investment Management LLC purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 28,618 shares of the basic materials company's stock, valued at approximately $1,382,000.

Other large investors also recently modified their holdings of the company. Nuveen LLC purchased a new stake in shares of Newmont during the 1st quarter worth $306,507,000. Pacer Advisors Inc. increased its holdings in Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock valued at $259,580,000 after buying an additional 5,251,616 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in Newmont in the fourth quarter valued at $92,693,000. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Newmont by 1,074.8% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company's stock worth $116,416,000 after buying an additional 2,206,017 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Newmont during the 4th quarter worth about $75,435,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Scotiabank raised their price objective on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Monday, July 28th. Royal Bank Of Canada boosted their price objective on shares of Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Stifel Nicolaus assumed coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price on the stock. Finally, National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Four research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Stock Up 2.0%

Shares of NYSE:NEM opened at $72.49 on Wednesday. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $72.79. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The stock has a market cap of $79.63 billion, a P/E ratio of 13.01, a P/E/G ratio of 0.84 and a beta of 0.30. The firm has a fifty day moving average price of $63.00 and a 200 day moving average price of $54.46.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period in the previous year, the business posted $0.72 earnings per share. Newmont's quarterly revenue was up 20.8% on a year-over-year basis. Sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is 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 that occurred 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 completion of the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the completion of the transaction, the director directly owned 41,026 shares in the company, valued at approximately $2,611,715.16. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,246 shares of company stock valued at $1,373,251 in the last ninety days. 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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