Elevated Capital Advisors LLC Cuts Holdings in Newmont Corporation $NEM

Elevated Capital Advisors LLC decreased its holdings in Newmont Corporation (NYSE:NEM) by 59.0% in the first quarter, Holdings Channel reports. The firm owned 4,663 shares of the basic materials company’s stock after selling 6,721 shares during the quarter. Elevated Capital Advisors LLC’s holdings in Newmont were worth $505,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Brighton Jones LLC lifted its holdings in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP increased its holdings in Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after buying an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Newmont in the 2nd quarter worth about $240,000. Cerity Partners LLC raised its position in Newmont by 108.9% in the 2nd quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after buying an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Newmont by 8.5% in the 2nd quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after buying an additional 3,856 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a report on Monday, July 6th. TD Cowen reissued a “buy” rating on shares of Newmont in a report on Monday, April 27th. TD increased their price objective on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Raymond James Financial dropped their target price on shares of Newmont from $139.00 to $137.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. Finally, UBS Group cut their target price on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $137.64.

Newmont Trading Up 0.5%

Shares of NYSE:NEM opened at $95.30 on Friday. The stock’s 50-day simple moving average is $104.35 and its two-hundred day simple moving average is $110.63. The stock has a market capitalization of $101.74 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.07 and a beta of 0.46. Newmont Corporation has a 52-week low of $55.37 and a 52-week high of $134.88. 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 (NYSE:NEM) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating 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 prior year, the firm earned $1.25 EPS. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. Analysts expect that Newmont Corporation will post 9.42 EPS for the current year.

Newmont Dividend Announcement

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

Trending Headlines about Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont welcomed the Government of Canada’s CA$500 million funding commitment for the Red Chris Block Cave project, a move that improves the economics of a key copper-gold development and could extend the mine’s life. Newmont (NEM) Welcomes Canada Funding for Red Chris
• Positive Sentiment: UBS and Macquarie both reiterated Buy ratings on Newmont, while Bank of America also kept a Buy rating even after cutting its price target to $132, signaling analysts still see upside from current levels. UBS Keeps Their Buy Rating on Newmont Corporation CHESS (NEM)
• Positive Sentiment: Articles highlighting Newmont as undervalued and benefiting from a rebound in gold prices suggest investor interest is rising as the precious-metals trade improves. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
• Positive Sentiment: Recent trading has shown Newmont outperforming the broader market, with coverage citing renewed momentum in the stock and in gold-related names. Newmont Corporation (NEM) Outperforms Broader Market: What You Need to Know
• Neutral Sentiment: One valuation piece said Newmont looks close to fair value around the low-$90s, which may limit near-term enthusiasm even though it doesn’t signal a major downside concern. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
• Negative Sentiment: Despite the recent bounce, Newmont has still been under pressure over the past few months, and Bank of America’s price-target cut reflects some caution about the stock’s longer-term upside. Bank of America price target update on Newmont

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total transaction of $277,140.00. Following the transaction, the executive vice president owned 43,315 shares in the company, valued at $4,001,439.70. This trade represents a 6.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the sale, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. The trade was a 9.02% 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 sold a total of 28,556 shares of company stock valued at $3,058,146 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.

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.