Kovitz Investment Group Partners LLC Has $34.70 Million Position in Newmont Corporation $NEM

Kovitz Investment Group Partners LLC cut its holdings in Newmont Corporation (NYSE:NEM) by 42.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 347,564 shares of the basic materials company’s stock after selling 251,730 shares during the quarter. Newmont comprises approximately 0.8% of Kovitz Investment Group Partners LLC’s holdings, making the stock its 29th largest position. Kovitz Investment Group Partners LLC’s holdings in Newmont were worth $34,704,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Wick Capital Partners LLC acquired a new position in Newmont during the fourth quarter worth $241,000. Mcguire Capital Advisors Inc. acquired a new position in shares of Newmont during the 4th quarter valued at about $540,000. Compound Planning Inc. raised its stake in shares of Newmont by 5.2% in the 4th quarter. Compound Planning Inc. now owns 21,071 shares of the basic materials company’s stock valued at $2,104,000 after acquiring an additional 1,048 shares in the last quarter. TMB Capital Partners LLC acquired a new stake in Newmont in the 4th quarter worth approximately $246,000. Finally, Axxcess Wealth Management LLC boosted its position in Newmont by 45.7% during the fourth quarter. Axxcess Wealth Management LLC now owns 21,409 shares of the basic materials company’s stock worth $2,138,000 after purchasing an additional 6,719 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Performance

Newmont stock opened at $103.86 on Friday. The company has a market cap of $110.88 billion, a PE ratio of 13.47, a PEG ratio of 1.75 and a beta of 0.42. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1 year low of $55.37 and a 1 year high of $134.88. The company’s 50-day moving average is $110.31 and its two-hundred day moving average is $110.61.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.25 EPS. Equities analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NEM. Canadian Imperial Bank of Commerce set a $175.00 price objective on shares of Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. TD Cowen reiterated a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, TD increased their price objective on Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.98.

More Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Several recent reports remain constructive on Newmont’s longer-term outlook, including coverage highlighting the company as a key name in gold mining and analyst commentary pointing to meaningful upside versus current levels. Why Newmont Remains a Key Name In Gold Mining?
• Positive Sentiment: Zacks Research upgraded Newmont from “hold” to “strong-buy,” while another Zacks piece said the stock could have about 30% upside based on Wall Street price targets, reinforcing bullish analyst sentiment. Does Newmont (NEM) Have the Potential to Rally 30.14% as Wall Street Analysts Expect?
• Neutral Sentiment: Newmont announced a management refresh, including new CFO, COO, and technical chief appointments effective July 1. This could support execution over time, but near-term investors may be waiting to see how the new team performs. Newmont (NEM) Appoints New CFO COO And Technical Chief Under Natascha Viljoen
• Negative Sentiment: BNP Paribas Exane cut its price target on Newmont from $128 to $111 and kept a “neutral” rating, which may be weighing on sentiment despite the target still sitting above the current share price. BNP Paribas Exane adjusts price target on Newmont to 111 from 128, maintains neutral rating
• Negative Sentiment: Recent trading commentary noted that Newmont fell even as the broader market moved higher, suggesting investors are taking profits or reacting cautiously after a strong run in the stock. Newmont Corporation (NEM) Stock Falls Amid Market Uptick: What Investors Need to Know

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the sale, the executive vice president directly owned 46,315 shares of the company’s stock, valued at $4,877,895.80. The trade was a 6.08% 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 Wexler sold 13,378 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders have sold 28,556 shares of company stock worth $3,120,276. 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.