PeakShares LLC Takes $978,000 Position in Newmont Corporation $NEM

PeakShares LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,032 shares of the basic materials company’s stock, valued at approximately $978,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GoalVest Advisory LLC acquired a new position in Newmont in the fourth quarter valued at about $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont during the first quarter valued at about $25,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont during the first quarter valued at about $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont in the 4th quarter valued at approximately $26,000. Finally, Cornerstone Planning Group LLC lifted its holdings in shares of Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $92.38, for a total transaction of $277,140.00. Following the completion of the transaction, the executive vice president directly owned 43,315 shares of the company’s stock, valued at $4,001,439.70. The trade was a 6.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction dated 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 owned 142,999 shares in the company, valued at approximately $15,060,654.68. This trade represents a 2.64% 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 have sold a total of 28,556 shares of company stock valued at $3,058,146 in the last three months. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NEM shares. Jefferies Financial Group lowered their price objective on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Canaccord Genuity Group upped their price target on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Macquarie Infrastructure lowered their price target on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research report on Monday, June 15th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $136.26.

Newmont Trading Down 4.6%

NYSE NEM opened at $90.83 on Friday. 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 firm has a market cap of $96.96 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 1.08 and a beta of 0.46. The firm has a 50 day simple moving average of $102.85 and a 200-day simple moving average of $110.35. Newmont Corporation has a one year low of $56.73 and a one year high of $134.88.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 EPS. Equities research analysts anticipate that Newmont Corporation will post 9.32 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed 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 currently 13.49%.

Newmont News Roundup

Here are the key news stories impacting Newmont this week:

• Negative Sentiment: Zacks Research downgraded Newmont from “strong-buy” to “hold,” adding to near-term pressure on the stock. Newmont was downgraded by Zacks Research from “strong-buy” to “hold”.
• Negative Sentiment: Investors are also worried about the upcoming quarterly report, as coverage notes Newmont may not have the setup for an earnings beat even though EPS is expected to grow. Newmont Corporation (NEM) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Neutral Sentiment: Newmont resumed operations at its Cadia mine after a seismic event, and management said inspections found no injuries or damage. That removes an operational overhang, but the company still faces higher costs and softer gold prices. Newmont (NEM) Resumes Cadia Operations As It Pushes Ahead With Key Growth Projects
• Positive Sentiment: Several analysts remain constructive, with reports pointing to improved operational efficiency, growing free cash flow, and share buybacks as Newmont works through Newcrest integration. Did Analyst Upgrades and Buybacks Just Shift Newmont’s (NEM) Operational Efficiency Investment Narrative?
• Positive Sentiment: Some analysts also argued Newmont looks undervalued, citing permits that could unlock major copper-gold resources and support a production rebound. Newmont: The Permits That Set The Stage For A Re-Rating

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.