Great Diamond Partners LLC Invests $1.33 Million in Newmont Corporation $NEM

Great Diamond Partners LLC bought a new position in shares of Newmont Corporation (NYSE:NEM) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 13,334 shares of the basic materials company’s stock, valued at approximately $1,331,000.

Several other hedge funds have also modified their holdings of the company. Twin Capital Management Inc. boosted its stake in shares of Newmont by 0.4% during the 4th quarter. Twin Capital Management Inc. now owns 32,492 shares of the basic materials company’s stock worth $3,244,000 after acquiring an additional 145 shares in the last quarter. Mach 1 Financial Group LLC purchased a new position in Newmont in the 4th quarter valued at about $438,000. Harmony Asset Management LLC purchased a new position in Newmont in the 4th quarter valued at about $1,372,000. Fi3 FINANCIAL ADVISORS LLC purchased a new position in Newmont in the 4th quarter valued at about $287,000. Finally, Leonteq Securities AG purchased a new position in Newmont in the 4th quarter valued at about $9,018,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. The transaction 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, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $330,330.00. Following the completion of the sale, the executive vice president directly owned 49,315 shares of the company’s stock, valued at approximately $5,430,074.65. This trade represents a 5.73% decrease in their ownership of the stock. 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 a total of 43,068 shares of company stock valued at $4,769,475 in the last 90 days. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NEM. Scotiabank decreased their price target on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a research note on Friday, March 20th. National Bank Financial raised their price target on shares of Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research note on Friday, April 24th. Argus raised their price target on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. TD raised their price target on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research note on Monday, April 27th. Finally, The Goldman Sachs Group raised their price target on shares of Newmont from $123.20 to $125.10 and gave the company a “buy” rating in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.51.

Newmont Stock Up 2.2%

Shares of NYSE NEM opened at $107.36 on Thursday. The company has a 50 day simple moving average of $111.41 and a 200-day simple moving average of $107.81. The company has a market capitalization of $114.61 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.50 and a beta of 0.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 1 year low of $51.80 and a 1 year high of $134.88.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter last year, the firm earned $1.25 EPS. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, equities research analysts predict that Newmont Corporation will post 9.47 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s payout ratio is 13.49%.

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.