Geneva Partners LLC Makes New $3.51 Million Investment in Newmont Corporation $NEM

Geneva Partners LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM) in the 4th quarter, HoldingsChannel reports. The fund acquired 35,190 shares of the basic materials company’s stock, valued at approximately $3,514,000. Newmont makes up 1.3% of Geneva Partners LLC’s investment portfolio, making the stock its 27th largest position.

Other institutional investors also recently bought and sold shares of the company. Crestwood Advisors Group LLC grew its position in Newmont by 45.1% in the fourth quarter. Crestwood Advisors Group LLC now owns 6,102 shares of the basic materials company’s stock valued at $609,000 after acquiring an additional 1,897 shares in the last quarter. Allegiance Financial Group Advisory Services LLC acquired a new stake in Newmont in the fourth quarter valued at approximately $281,000. Sequoia Financial Advisors LLC grew its position in Newmont by 47.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 32,878 shares of the basic materials company’s stock valued at $3,283,000 after acquiring an additional 10,570 shares in the last quarter. Gateway Investment Advisers LLC grew its position in Newmont by 57.2% in the fourth quarter. Gateway Investment Advisers LLC now owns 8,330 shares of the basic materials company’s stock valued at $832,000 after acquiring an additional 3,031 shares in the last quarter. Finally, Ponta Wealth Partners LLC acquired a new stake in Newmont in the fourth quarter valued at approximately $689,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NEM has been the subject of several recent research reports. Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $121.00 to $157.00 in a research report on Friday, February 27th. Argus increased their price objective on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. The Goldman Sachs Group increased their price objective on shares of Newmont from $123.20 to $125.10 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Macquarie Infrastructure increased their price objective on shares of Newmont from $130.00 to $133.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Finally, Citigroup increased their price objective on shares of Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $142.51.

Newmont Stock Down 1.5%

NEM stock opened at $113.38 on Friday. Newmont Corporation has a twelve month low of $48.27 and a twelve month high of $134.88. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $121.03 billion, a P/E ratio of 14.71, a PEG ratio of 1.64 and a beta of 0.43. The firm has a 50 day simple moving average of $112.91 and a 200-day simple moving average of $105.96.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business 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 company earned $1.25 earnings per share. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities research analysts predict that Newmont Corporation will post 9.5 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Insider Buying and Selling at Newmont

In other Newmont news, insider David John Thornton sold 2,296 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 value of $252,812.56. Following the completion of the transaction, the insider owned 23,163 shares of the company’s stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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 Newmont stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $330,330.00. Following the completion of the transaction, the executive vice president directly owned 49,315 shares of the company’s stock, valued at approximately $5,430,074.65. This represents a 5.73% decrease in their position. 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. In the last three months, insiders sold 43,068 shares of company stock worth $4,769,475. Company insiders own 0.06% of the company’s stock.

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.