IFS Group LLC Invests $746,000 in Newmont Corporation $NEM

IFS Group LLC acquired a new stake in Newmont Corporation (NYSE:NEM) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 6,890 shares of the basic materials company’s stock, valued at approximately $746,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC increased its stake in Newmont by 64.6% in the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock worth $20,259,000 after purchasing an additional 79,617 shares during the period. Leonteq Securities AG purchased a new stake in shares of Newmont during the fourth quarter valued at approximately $9,018,000. ARS Investment Partners LLC grew its holdings in shares of Newmont by 3.6% in the fourth quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock worth $69,602,000 after purchasing an additional 23,900 shares during the last quarter. Ritholtz Wealth Management grew its holdings in shares of Newmont by 67.0% in the fourth quarter. Ritholtz Wealth Management now owns 40,754 shares of the basic materials company’s stock worth $4,069,000 after purchasing an additional 16,352 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Newmont in the fourth quarter worth $7,684,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the subject of a number of recent analyst reports. The Goldman Sachs Group lowered their price target on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a report on Wednesday, July 1st. Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Scotiabank lowered their price objective on shares of Newmont from $151.00 to $147.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. Jefferies Financial Group dropped their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a report on Monday, July 6th. Finally, Citigroup cut their target price on Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $132.83.

Insider Activity at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The transaction 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. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This trade represents a 16.47% 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. 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 over the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $91.34 on Thursday. The firm has a market capitalization of $96.24 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.02 and a beta of 0.46. The stock has a fifty day moving average of $99.02 and a 200 day moving average of $109.65. Newmont Corporation has a 52 week low of $61.76 and a 52 week high of $134.88. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the previous year, the firm earned $1.43 EPS. As a group, research analysts expect that Newmont Corporation will post 8.99 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s payout ratio is presently 13.13%.

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.