Wealthfront Advisers LLC Boosts Holdings in Newmont Corporation $NEM

Key Points

• Wealthfront Advisers LLC increased its Newmont stake by 29.1% in the first quarter, ending with 192,147 shares worth about $20.8 million.
• Newmont posted a strong latest quarter, with EPS of $2.90 beating expectations and revenue of $7.31 billion, while revenue rose 45.8% year over year.
• Sentiment around the stock is mixed: Newmont resumed Cadia operations after a seismic event, but analysts have trimmed price targets and Zacks downgraded the shares from strong-buy to hold ahead of earnings.

Wealthfront Advisers LLC grew its stake in Newmont Corporation (NYSE:NEM - Free Report) by 29.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 192,147 shares of the basic materials company's stock after purchasing an additional 43,274 shares during the quarter. Wealthfront Advisers LLC's holdings in Newmont were worth $20,800,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its stake in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after buying an additional 1,847 shares in the last quarter. Woodline Partners LP increased its stake in Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock worth $4,644,000 after buying an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Newmont during the second quarter valued at approximately $240,000. Cerity Partners LLC raised its holdings in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock valued at $7,303,000 after acquiring an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock valued at $2,854,000 after acquiring an additional 3,856 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Key Newmont News

Here are the key news stories impacting Newmont this week:

• Negative Sentiment: Zacks Research downgraded Newmont from “strong-buy” to “hold,” adding to near-term pressure on the stock. Newmont was downgraded by Zacks Research from "strong-buy" to "hold".
• Negative Sentiment: Investors are also worried about the upcoming quarterly report, as coverage notes Newmont may not have the setup for an earnings beat even though EPS is expected to grow. Newmont Corporation (NEM) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Neutral Sentiment: Newmont resumed operations at its Cadia mine after a seismic event, and management said inspections found no injuries or damage. That removes an operational overhang, but the company still faces higher costs and softer gold prices. Newmont (NEM) Resumes Cadia Operations As It Pushes Ahead With Key Growth Projects
• Positive Sentiment: Several analysts remain constructive, with reports pointing to improved operational efficiency, growing free cash flow, and share buybacks as Newmont works through Newcrest integration. Did Analyst Upgrades and Buybacks Just Shift Newmont's (NEM) Operational Efficiency Investment Narrative?
• Positive Sentiment: Some analysts also argued Newmont looks undervalued, citing permits that could unlock major copper-gold resources and support a production rebound. Newmont: The Permits That Set The Stage For A Re-Rating

Newmont Stock Performance

NYSE NEM opened at $90.83 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. The stock's fifty day moving average is $102.85 and its two-hundred day moving average is $110.35. The firm has a market capitalization of $96.96 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 1.08 and a beta of 0.46. Newmont Corporation has a fifty-two week low of $56.73 and a fifty-two week high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last issued its 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. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same period last year, the company earned $1.25 EPS. The company's revenue for the quarter was up 45.8% on a year-over-year basis. On average, research analysts anticipate that Newmont Corporation will post 9.32 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Wall Street Analysts Forecast Growth

NEM has been the subject of several research reports. BMO Capital Markets dropped their price target on Newmont from $145.00 to $135.00 and set an "outperform" rating for the company in a research report on Tuesday, June 23rd. Macquarie Infrastructure decreased their price objective on Newmont from $133.00 to $123.00 and set an "outperform" rating on the stock in a report on Monday, June 15th. Jefferies Financial Group lowered their target price on shares of Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an "outperform" rating in a report on Monday, June 1st. Finally, BNP Paribas Exane reduced their target price on shares of Newmont from $128.00 to $111.00 and set a "neutral" rating for the company in a research report on Thursday, June 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $136.26.

Insider Activity

In other Newmont news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company's stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the sale, the chief executive officer directly owned 142,999 shares of the company's stock, valued at approximately $15,060,654.68. This trade represents a 2.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,556 shares of company stock valued at $3,058,146 over the last three months. 0.06% of the stock is currently owned by company insiders.

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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