Redwood Investment Management LLC Purchases New Position 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 shares of Newmont Corporation (NYSE:NEM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 28,618 shares of the basic materials company's stock, valued at approximately $1,382,000.

A number of other institutional investors also recently bought and sold shares of the business. Bessemer Group Inc. increased its holdings in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock valued at $569,000 after purchasing an additional 1,379 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Newmont by 9.9% during the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after purchasing an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Newmont during the 1st quarter valued at approximately $423,000. Spire Wealth Management increased its holdings in shares of Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Newmont during the 1st quarter valued at approximately $202,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $132,221.82. Following the transaction, the director directly owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. This represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,169 shares of company stock worth $1,098,636 over the last three months. Company insiders own 0.05% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NEM shares. Royal Bank Of Canada lifted their target price on shares of Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. The Goldman Sachs Group reissued a "neutral" rating and issued a $60.90 price target on shares of Newmont in a research note on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Newmont in a research note on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. Raymond James Financial lifted their price target on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, National Bankshares raised shares of Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Four analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Trading Up 2.1%

NYSE:NEM traded up $1.51 on Monday, reaching $74.48. 7,943,120 shares of the company's stock were exchanged, compared to its average volume of 8,291,023. 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 firm has a market capitalization of $81.81 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 0.88 and a beta of 0.33. The business has a fifty day moving average of $63.91 and a 200-day moving average of $55.07. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $74.52.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Newmont's dividend payout ratio is 17.95%.

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.