Red Cedar Investment Management LLC Acquires Shares of 28,484 Newmont Corporation $NEM

Red Cedar Investment Management LLC purchased a new position in Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 28,484 shares of the basic materials company’s stock, valued at approximately $2,401,000.

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

Newmont Trading Up 1.3%

Shares of NEM opened at $125.97 on Tuesday. The stock has a market capitalization of $137.46 billion, a PE ratio of 19.56, a P/E/G ratio of 0.95 and a beta of 0.41. The company’s fifty day moving average is $101.35 and its 200 day moving average is $85.43. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a fifty-two week low of $40.85 and a fifty-two week high of $129.25.

Wall Street Analyst Weigh In

A number of brokerages have commented on NEM. Raymond James Financial upped their price target on Newmont from $111.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. TD Cowen upped their price target on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, January 22nd. Bank of America increased 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. Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. Finally, UBS Group lifted their price target on shares of Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a report on Monday, December 1st. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $105.88.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,160 shares of company stock valued at $767,206 over the last ninety days. Corporate insiders own 0.05% of the company’s stock.

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.