Sawgrass Asset Management LLC Makes New Investment in Newmont Corporation $NEM

Sawgrass Asset Management LLC bought a new stake in shares of Newmont Corporation (NYSE:NEM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,179 shares of the basic materials company’s stock, valued at approximately $352,000.

Several other large investors also recently modified their holdings of NEM. Concord Wealth Partners lifted its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. Evermay Wealth Management LLC lifted its position in shares of Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after buying an additional 400 shares during the last quarter. Capital A Wealth Management LLC lifted its position in shares of Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after buying an additional 478 shares during the last quarter. Caldwell Trust Co bought a new position in shares of Newmont during the 2nd quarter worth $31,000. Finally, Country Trust Bank purchased a new stake in Newmont in the 2nd quarter worth about $32,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 2.2%

Shares of NYSE:NEM opened at $124.34 on Monday. The firm has a fifty day moving average price of $100.57 and a two-hundred day moving average price of $84.96. The company has a market cap of $135.69 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.95 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. Newmont Corporation has a one year low of $40.85 and a one year high of $124.64.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 9,160 shares of company stock valued at $767,206. 0.05% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on NEM. Bank of America upped their price objective on shares of Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Royal Bank Of Canada boosted their price target on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Finally, Jefferies Financial Group increased their target price on Newmont from $120.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Six analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $103.77.

Newmont Profile

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.