Kestra Private Wealth Services LLC Sells 8,754 Shares of Newmont Corporation $NEM

Kestra Private Wealth Services LLC reduced its stake in shares of Newmont Corporation (NYSE:NEM) by 19.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,527 shares of the basic materials company’s stock after selling 8,754 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Newmont were worth $3,846,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Park Edge Advisors LLC purchased a new stake in Newmont in the 1st quarter valued at about $1,104,000. Cardinal Point Capital Management ULC increased its position in shares of Newmont by 1.5% during the first quarter. Cardinal Point Capital Management ULC now owns 142,570 shares of the basic materials company’s stock worth $15,433,000 after acquiring an additional 2,080 shares during the period. Ritholtz Wealth Management raised its stake in shares of Newmont by 21.7% during the first quarter. Ritholtz Wealth Management now owns 49,615 shares of the basic materials company’s stock valued at $5,371,000 after acquiring an additional 8,861 shares in the last quarter. Tanager Wealth Management LLP raised its stake in shares of Newmont by 6.0% during the first quarter. Tanager Wealth Management LLP now owns 2,514 shares of the basic materials company’s stock valued at $272,000 after acquiring an additional 143 shares in the last quarter. Finally, Echo45 Advisors LLC purchased a new stake in shares of Newmont in the first quarter valued at approximately $203,000. 68.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NEM has been the topic of several research reports. Macquarie Infrastructure reduced their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a report on Monday, June 15th. Canadian Imperial Bank of Commerce set a $175.00 price target on Newmont and gave the stock an “outperform” rating in a research report on Monday, June 1st. Jefferies Financial Group raised their price target on Newmont from $154.00 to $158.00 and gave the company a “buy” rating in a research note on Monday, June 8th. UBS Group decreased their price objective on Newmont from $150.00 to $140.00 and set a “buy” rating for the company in a report on Friday, March 27th. Finally, Canaccord Genuity Group upped their price objective on shares of Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.50.

Newmont Stock Up 0.8%

NYSE:NEM opened at $96.09 on Friday. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The stock has a market capitalization of $102.58 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.59 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The company’s 50-day simple moving average is $107.94 and its 200-day simple moving average is $110.78.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same quarter in the previous year, the business posted $1.25 EPS. Newmont’s revenue was up 45.8% on a year-over-year basis. On average, equities analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Peter Wexler sold 13,378 shares of the company’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 transaction, the executive vice president directly 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 sale was disclosed in a filing with the SEC, which is available at 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 the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. This trade represents a 6.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In 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 company insiders.

About Newmont

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.