Riversedge Advisors LLC Buys 6,295 Shares of Newmont Corporation $NEM

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

Several other hedge funds and other institutional investors have also modified their holdings of the business. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Newmont during the second quarter valued at approximately $36,180,000. Asset One Wealth Management LLC acquired a new position in shares of Newmont during the second quarter worth approximately $2,866,000. Private Advisory Group LLC bought a new position in Newmont in the 2nd quarter worth approximately $10,430,000. Commerce Bank acquired a new stake in Newmont in the 2nd quarter valued at approximately $3,418,000. Finally, Qtron Investments LLC increased its position in Newmont by 63.5% in the 4th quarter. Qtron Investments LLC now owns 27,945 shares of the basic materials company’s stock valued at $2,790,000 after acquiring an additional 10,853 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Natascha Viljoen sold 7,764 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the sale, the executive vice president directly owned 34,315 shares of the company’s stock, valued at approximately $3,939,705.15. This represents a 8.04% 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. Insiders have sold 35,973 shares of company stock worth $3,927,169 in the last three months. 0.06% of the stock is currently owned by insiders.

Newmont Price Performance

Shares of NEM traded up $2.62 during midday trading on Friday, reaching $118.17. The stock had a trading volume of 2,204,713 shares, compared to its average volume of 8,630,785. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The company has a market capitalization of $124.52 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.58 and a beta of 0.51. The firm’s 50 day moving average price is $120.34 and its 200-day moving average price is $110.23. Newmont Corporation has a 52 week low of $76.05 and a 52 week high of $135.29.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The business had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same quarter last year, the business posted $1.43 earnings per share. On average, analysts forecast that Newmont Corporation will post 9.1 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have issued reports on NEM. Sanford C. Bernstein reduced their price target on Newmont from $147.00 to $144.00 and set an “outperform” rating for the company in a research report on Wednesday, September 9th. Canaccord Genuity Group cut their price objective on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Weiss Ratings raised shares of Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 2nd. Bank of America decreased their target price on shares of Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Finally, Macquarie Infrastructure dropped their price target on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a research report on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $134.26.

About Newmont

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.