SG Trading Solutions LLC Buys Shares of 16,784 Newmont Corporation $NEM

Key Points

• SG Trading Solutions LLC initiated a new position in Newmont, buying 16,784 shares worth about $1.68 million in the fourth quarter. Other hedge funds also added to or opened positions, and institutional ownership now stands at 68.85%.
• Newmont has seen a mix of analyst views, but overall sentiment remains constructive: Zacks upgraded the stock to “strong-buy” and Wall Street’s consensus target is about $140.98, implying further upside. At the same time, BNP Paribas Exane cut its target to $111 and kept a neutral rating.
• The company posted strong quarterly results, with EPS of $2.90 versus expectations of $2.07 and revenue of $7.31 billion, up 45.8% year over year. Newmont also announced a quarterly dividend of $0.26 per share, while recent insider sales and a slight stock pullback suggest some caution in the near term.

SG Trading Solutions LLC bought a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 16,784 shares of the basic materials company's stock, valued at approximately $1,676,000.

A number of other hedge funds have also recently made changes to their positions in NEM. GoalVest Advisory LLC bought a new position in Newmont during the 4th quarter valued at approximately $25,000. Swiss RE Ltd. bought a new stake in Newmont in the fourth quarter worth $26,000. Cornerstone Planning Group LLC boosted its holdings in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after acquiring an additional 206 shares in the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Newmont in the third quarter worth $27,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Newmont during the fourth quarter valued at $28,000. 68.85% of the stock is owned by institutional investors.

Newmont News Roundup

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Several recent reports remain constructive on Newmont’s longer-term outlook, including coverage highlighting the company as a key name in gold mining and analyst commentary pointing to meaningful upside versus current levels. Why Newmont Remains a Key Name In Gold Mining?
• Positive Sentiment: Zacks Research upgraded Newmont from “hold” to “strong-buy,” while another Zacks piece said the stock could have about 30% upside based on Wall Street price targets, reinforcing bullish analyst sentiment. Does Newmont (NEM) Have the Potential to Rally 30.14% as Wall Street Analysts Expect?
• Neutral Sentiment: Newmont announced a management refresh, including new CFO, COO, and technical chief appointments effective July 1. This could support execution over time, but near-term investors may be waiting to see how the new team performs. Newmont (NEM) Appoints New CFO COO And Technical Chief Under Natascha Viljoen
• Negative Sentiment: BNP Paribas Exane cut its price target on Newmont from $128 to $111 and kept a “neutral” rating, which may be weighing on sentiment despite the target still sitting above the current share price. BNP Paribas Exane adjusts price target on Newmont to 111 from 128, maintains neutral rating
• Negative Sentiment: Recent trading commentary noted that Newmont fell even as the broader market moved higher, suggesting investors are taking profits or reacting cautiously after a strong run in the stock. Newmont Corporation (NEM) Stock Falls Amid Market Uptick: What Investors Need to Know

Insider Activity at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares in the company, valued at $4,877,895.80. This represents a 6.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 28,556 shares of company stock valued at $3,120,276. Insiders own 0.06% of the company's stock.

Newmont Stock Down 1.7%

NEM opened at $103.86 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 $55.37 and a fifty-two week high of $134.88. The firm's fifty day moving average is $110.31 and its 200 day moving average is $110.61. The stock has a market cap of $110.88 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 1.75 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.Newmont's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 EPS. On average, sell-side analysts forecast that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont's dividend payout ratio is currently 13.49%.

Wall Street Analysts Forecast Growth

NEM has been the subject of several analyst reports. Bank of America raised their price target on shares of Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. TD increased their price objective on shares of Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a research report on Monday, April 27th. Wall Street Zen cut Newmont from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 30th. BMO Capital Markets lifted their price target on shares of Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Finally, Argus boosted their price objective on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and a consensus target price of $140.98.

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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