PeakShares LLC Makes New $978,000 Investment in Newmont Corporation $NEM

PeakShares LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 9,032 shares of the basic materials company’s stock, valued at approximately $978,000.

Several other institutional investors have also recently made changes to their positions in the company. Angeles Wealth Management LLC purchased a new stake in shares of Newmont in the first quarter valued at approximately $228,000. Bessemer Group Inc. grew its stake in Newmont by 3.2% in the 1st quarter. Bessemer Group Inc. now owns 23,601 shares of the basic materials company’s stock valued at $2,555,000 after acquiring an additional 740 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Newmont by 18.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,184,872 shares of the basic materials company’s stock worth $134,827,000 after acquiring an additional 187,746 shares in the last quarter. Independent Financial Group LLC purchased a new stake in Newmont in the 1st quarter worth $1,177,000. Finally, Prosperity Consulting Group LLC acquired a new position in Newmont during the first quarter worth $221,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NEM has been the topic of several recent analyst reports. Jefferies Financial Group decreased their price objective on shares of Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Scotiabank decreased their price target on shares of Newmont from $151.00 to $147.00 and set a “sector outperform” rating on the stock in a research note on Tuesday. Royal Bank Of Canada lowered their price objective on Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Finally, The Goldman Sachs Group cut their price objective on Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $136.26.

Newmont Price Performance

NEM stock opened at $90.83 on Friday. Newmont Corporation has a 1 year low of $56.73 and a 1 year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The firm has a market capitalization of $96.96 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 1.08 and a beta of 0.46. The business has a 50 day simple moving average of $102.85 and a 200-day simple moving average of $110.35.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm’s revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. Equities research analysts anticipate that Newmont Corporation will post 9.32 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Newmont News Roundup

Here are the key news stories impacting Newmont this week:

• Negative Sentiment: Zacks Research downgraded Newmont from “strong-buy” to “hold,” adding to near-term pressure on the stock. Newmont was downgraded by Zacks Research from “strong-buy” to “hold”.
• Negative Sentiment: Investors are also worried about the upcoming quarterly report, as coverage notes Newmont may not have the setup for an earnings beat even though EPS is expected to grow. Newmont Corporation (NEM) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Neutral Sentiment: Newmont resumed operations at its Cadia mine after a seismic event, and management said inspections found no injuries or damage. That removes an operational overhang, but the company still faces higher costs and softer gold prices. Newmont (NEM) Resumes Cadia Operations As It Pushes Ahead With Key Growth Projects
• Positive Sentiment: Several analysts remain constructive, with reports pointing to improved operational efficiency, growing free cash flow, and share buybacks as Newmont works through Newcrest integration. Did Analyst Upgrades and Buybacks Just Shift Newmont’s (NEM) Operational Efficiency Investment Narrative?
• Positive Sentiment: Some analysts also argued Newmont looks undervalued, citing permits that could unlock major copper-gold resources and support a production rebound. Newmont: The Permits That Set The Stage For A Re-Rating

Insider Buying and Selling

In other news, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 Wexler sold 13,378 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the sale, the executive vice president 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 28,556 shares of company stock worth $3,058,146 in the last quarter. 0.06% of the stock is currently owned by insiders.

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.