Redwood Wealth Management Group LLC Purchases New Stake in Newmont Corporation (NYSE:NEM)

Redwood Wealth Management Group LLC purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,618 shares of the basic materials company's stock, valued at approximately $223,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SOA Wealth Advisors LLC. raised its position in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 201 shares during the period. Nexus Investment Management ULC bought a new stake in shares of Newmont in the first quarter valued at approximately $31,000. PSI Advisors LLC increased its holdings in Newmont by 195.5% during the 1st quarter. PSI Advisors LLC now owns 795 shares of the basic materials company's stock worth $38,000 after acquiring an additional 526 shares during the period. Grove Bank & Trust increased its holdings in Newmont by 84.0% during the 1st quarter. Grove Bank & Trust now owns 911 shares of the basic materials company's stock worth $44,000 after acquiring an additional 416 shares during the period. Finally, Redwood Park Advisors LLC bought a new stake in Newmont during the 4th quarter worth approximately $37,000. Institutional investors own 68.85% of the company's stock.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the completion of the sale, the executive vice president now directly owns 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $112,344.93. Following the sale, the director now owns 45,180 shares of the company's stock, valued at $2,443,786.20. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,154 shares of company stock valued at $381,539. Corporate insiders own 0.05% of the company's stock.

Newmont Trading Down 0.1%

Shares of Newmont stock traded down $0.04 during trading on Friday, reaching $58.22. The company's stock had a trading volume of 22,113,769 shares, compared to its average volume of 10,490,362. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $59.13. The company has a market cap of $64.79 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 0.98 and a beta of 0.31. The firm's 50-day moving average is $53.79 and its two-hundred day moving average is $46.83. The company has a quick ratio of 1.70, a current ratio of 1.98 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.54. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The company had revenue of $5.01 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter in the prior year, the company earned $0.55 EPS. On average, sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.72%. Newmont's dividend payout ratio (DPR) is 22.42%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NEM shares. National Bankshares reaffirmed a "sector perform" rating on shares of Newmont in a report on Wednesday, April 23rd. Scotiabank reaffirmed a "sector perform" rating on shares of Newmont in a report on Monday, April 14th. Cfra Research raised shares of Newmont to a "strong-buy" rating in a report on Friday, April 25th. TD Securities decreased their target price on shares of Newmont from $46.00 to $45.00 and set a "hold" rating on the stock in a report on Wednesday, February 26th. Finally, Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and a consensus price target of $57.68.

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.