Elevation Point Wealth Partners LLC Increases Position in Newmont Corporation $NEM

Elevation Point Wealth Partners LLC lifted its position in shares of Newmont Corporation (NYSE:NEM) by 212.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,200 shares of the basic materials company’s stock after purchasing an additional 7,616 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Newmont were worth $1,212,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of NEM. Norges Bank purchased a new stake in Newmont in the fourth quarter valued at $1,443,128,000. Van ECK Associates Corp grew its holdings in shares of Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after purchasing an additional 5,643,496 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Newmont by 110.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock worth $873,011,000 after purchasing an additional 4,588,018 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Newmont by 82.5% in the 4th quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock valued at $739,117,000 after purchasing an additional 3,345,543 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of Newmont by 398.3% in the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after purchasing an additional 2,294,396 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on NEM. BNP Paribas Exane dropped their price target on Newmont from $128.00 to $111.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. Macquarie Infrastructure reduced their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research note on Monday, June 15th. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. UBS Group cut their target price on shares of Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Argus increased their price target on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $138.78.

Insiders Place Their Bets

In related 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 value of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock in a transaction 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 completion of the transaction, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. The trade was 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. Insiders sold 28,556 shares of company stock valued at $3,058,146 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

Trending Headlines about Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Jefferies kept a Buy rating on Newmont while lowering its price target to $146 from $158, which still implies meaningful upside from current levels and may be supporting sentiment. Jefferies price target update
• Positive Sentiment: Commentary around higher gold prices helping Newmont has added to the bullish case, since the company’s earnings are highly leveraged to gold and other precious metals prices. Could Gold Prices Lift Newmont Further in the S&P 500?
• Neutral Sentiment: Newmont also drew attention from market writeups noting it has been outperforming the broader market, reinforcing the recent strength in the shares. Newmont Corporation (NEM) Exceeds Market Returns: Some Facts to Consider
• Neutral Sentiment: The company disclosed initial beneficial ownership by its accounting chief, and an executive also sold shares under a pre-arranged 10b5-1 trading plan; these filings are routine but can attract investor attention. Newmont Accounting Chief Discloses Initial Share Ownership Newmont Executive Sells Shares Under Pre-Arranged Trading Plan

Newmont Stock Up 1.2%

NEM stock opened at $98.18 on Tuesday. The stock has a market capitalization of $104.81 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 1.61 and a beta of 0.46. The company has a fifty day moving average of $106.12 and a 200-day moving average of $110.86. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a one year low of $55.37 and a one year high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business’s revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 earnings per share. As a group, analysts expect that Newmont Corporation will post 9.87 EPS for the current year.

Newmont Announces Dividend

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

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.