GK Wealth Management LLC Buys Shares of 6,899 Newmont Corporation $NEM

GK Wealth Management LLC bought a new stake in Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,899 shares of the basic materials company’s stock, valued at approximately $644,000.

Other institutional investors and hedge funds have also modified their holdings of the company. CWM LLC raised its position in shares of Newmont by 64.6% during the fourth 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 acquired a new position in shares of Newmont in the 4th quarter valued at approximately $9,018,000. ARS Investment Partners LLC increased its stake in Newmont by 3.6% during the 4th 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 in the last quarter. Ritholtz Wealth Management increased its stake in Newmont by 67.0% during the 4th 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 in the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. acquired a new stake in Newmont during the 4th quarter worth approximately $7,684,000. 68.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other 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 completion of the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The sale 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 Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $92.38, for a total value of $277,140.00. Following the transaction, the executive vice president directly owned 43,315 shares in the company, valued at $4,001,439.70. The trade was a 6.48% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 9,882 shares of company stock worth $1,001,952. Company insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. National Bank Financial dropped their price objective on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. TD Securities raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Finally, Argus set a $110.00 target price on Newmont in a report on Monday. Two investment 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $132.11.

Newmont Stock Performance

NYSE NEM opened at $97.84 on Wednesday. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $97.97 and its two-hundred day moving average price is $109.18. Newmont Corporation has a 1 year low of $64.96 and a 1 year high of $134.88. The firm has a market capitalization of $103.09 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 1.06 and a beta of 0.47.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 1.1%. Newmont’s dividend payout ratio (DPR) 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.