Moran Wealth Management LLC Acquires 5,355 Shares of Newmont Corporation $NEM

Moran Wealth Management LLC raised its stake in shares of Newmont Corporation (NYSE:NEM) by 27.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,701 shares of the basic materials company’s stock after purchasing an additional 5,355 shares during the quarter. Moran Wealth Management LLC’s holdings in Newmont were worth $2,674,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GoalVest Advisory LLC bought a new stake in Newmont during the fourth quarter worth about $25,000. Pinnacle Bancorp Inc. purchased a new stake in Newmont in the first quarter worth about $25,000. Swiss RE Ltd. bought a new position in shares of Newmont during the fourth quarter valued at approximately $26,000. Cornerstone Planning Group LLC increased its stake in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares in the last quarter. Finally, JPL Wealth Management LLC purchased a new position in shares of Newmont during the third quarter valued at approximately $27,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Down 0.1%

NEM opened at $96.95 on Monday. The firm’s 50 day simple moving average is $106.12 and its two-hundred day simple moving average is $110.86. The company has a market capitalization of $103.50 billion, a PE ratio of 12.57, a PEG ratio of 1.61 and a beta of 0.46. Newmont Corporation has a 1-year low of $55.37 and a 1-year high of $134.88. 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 (NYSE:NEM) last issued its quarterly earnings results 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 business had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.25 earnings per share. As a group, equities analysts forecast that Newmont Corporation will post 9.87 EPS for the current year.

Newmont Dividend Announcement

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

Insider Transactions at Newmont

In other news, 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 transaction of $1,473,051.58. Following the sale, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. The trade was a 6.08% 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. Insiders sold a total of 25,556 shares of company stock valued at $2,781,006 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on NEM. 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. BNP Paribas Exane lowered their price objective on Newmont from $128.00 to $111.00 and set a “neutral” rating for the company in a research note on Thursday, June 18th. TD Cowen reiterated a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Raymond James Financial dropped their target price on Newmont from $139.00 to $137.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. Finally, TD raised their price target on Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a report on Monday, April 27th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and a consensus target price of $139.35.

Newmont 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.