Newmont Corporation $NEM Shares Purchased by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC increased its position in shares of Newmont Corporation (NYSE:NEM) by 58.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 45,244 shares of the basic materials company’s stock after acquiring an additional 16,760 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Newmont were worth $4,518,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of NEM. GoalVest Advisory LLC acquired a new position in Newmont in the 4th quarter valued at about $25,000. Cornerstone Planning Group LLC increased its holdings in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Newmont during the 3rd quarter valued at approximately $27,000. Lodestone Wealth Management LLC acquired a new position in Newmont in the fourth quarter valued at approximately $28,000. Finally, Laurel Wealth Advisors LLC acquired a new position in Newmont in the fourth quarter valued at approximately $30,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In related news, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the transaction, the insider owned 17,147 shares in the company, valued at $1,911,033.15. This trade represents a 51.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the sale, the chief executive officer owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. This represents a 2.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 49,950 shares of company stock valued at $5,494,288. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM opened at $98.55 on Wednesday. The company has a market capitalization of $105.20 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 1.64 and a beta of 0.42. Newmont Corporation has a 52-week low of $52.31 and a 52-week high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $111.63 and a 200 day moving average price of $109.87.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.25 EPS. Research analysts predict that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio is currently 13.49%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NEM. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. TD Cowen reiterated a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Weiss Ratings downgraded shares of Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 27th. Canadian Imperial Bank of Commerce set a $175.00 price objective on shares of Newmont and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Argus lifted their price objective on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $142.26.

Newmont Company 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.