Riversedge Advisors LLC Acquires New Shares in Newmont Corporation $NEM

Riversedge Advisors LLC acquired a new position in Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,295 shares of the basic materials company’s stock, valued at approximately $726,000.

A number of other institutional investors have also recently added to or reduced their stakes in NEM. Blue Trust Inc. raised its position in Newmont by 0.6% in the first quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company’s stock valued at $1,861,000 after purchasing an additional 100 shares during the period. Accel Wealth Management boosted its position in shares of Newmont by 0.8% in the second quarter. Accel Wealth Management now owns 14,744 shares of the basic materials company’s stock worth $1,377,000 after buying an additional 115 shares during the period. Bell Investment Advisors Inc boosted its position in shares of Newmont by 41.8% in the first quarter. Bell Investment Advisors Inc now owns 397 shares of the basic materials company’s stock worth $43,000 after buying an additional 117 shares during the period. Compound Planning Inc. grew its stake in shares of Newmont by 0.6% in the first quarter. Compound Planning Inc. now owns 21,192 shares of the basic materials company’s stock valued at $2,294,000 after buying an additional 121 shares in the last quarter. Finally, Zhang Financial LLC raised its holdings in shares of Newmont by 0.8% during the 1st quarter. Zhang Financial LLC now owns 15,768 shares of the basic materials company’s stock valued at $1,707,000 after buying an additional 124 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $445,692.42. Following the completion of the transaction, the chief executive officer directly owned 127,471 shares in the company, valued at approximately $14,634,945.51. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 35,973 shares of company stock valued at $3,927,169. Insiders own 0.06% of the company’s stock.

Newmont Stock Up 2.3%

Shares of NEM traded up $2.62 during trading on Friday, reaching $118.17. The company’s stock had a trading volume of 2,204,713 shares, compared to its average volume of 8,630,785. The company has a market cap of $124.52 billion, a price-to-earnings ratio of 14.91, a P/E/G ratio of 1.58 and a beta of 0.51. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $120.34 and a two-hundred day moving average of $110.23. Newmont Corporation has a twelve month low of $76.05 and a twelve month high of $135.29.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the previous year, the firm earned $1.43 earnings per share. On average, sell-side analysts predict that Newmont Corporation will post 9.1 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd were given a $0.26 dividend. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont’s payout ratio is presently 13.13%.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of analyst reports. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Jefferies Financial Group reduced their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Scotiabank upped their target price on shares of Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Royal Bank Of Canada raised their price target on shares of Newmont from $135.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Finally, Barclays cut their price objective on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average target price of $134.26.

Newmont Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.