HighTower Advisors LLC Buys Shares of 828,505 Newmont Corporation $NEM

HighTower Advisors LLC bought a new position in shares of Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 828,505 shares of the basic materials company’s stock, valued at approximately $17,316,000.

A number of other hedge funds also recently made changes to their positions in the stock. Parkside Financial Bank & Trust increased its position in Newmont by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company’s stock worth $714,000 after purchasing an additional 96 shares in the last quarter. Creative Financial Designs Inc. ADV grew its stake in shares of Newmont by 6.5% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 1,647 shares of the basic materials company’s stock worth $164,000 after buying an additional 100 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Newmont by 0.6% during the first quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company’s stock worth $1,861,000 after buying an additional 100 shares in the last quarter. Townsquare Capital LLC lifted its stake in shares of Newmont by 4.2% in the 4th quarter. Townsquare Capital LLC now owns 2,523 shares of the basic materials company’s stock valued at $252,000 after acquiring an additional 102 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its stake in shares of Newmont by 6.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,832 shares of the basic materials company’s stock valued at $183,000 after acquiring an additional 107 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $369,000.00. Following the sale, the executive vice president owned 37,315 shares of the company’s stock, valued at approximately $4,589,745. This represents a 7.44% 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. Insiders sold a total of 32,091 shares of company stock worth $3,414,187 in the last three months. Company insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $127.28 on Wednesday. The firm has a 50 day moving average of $108.53 and a 200-day moving average of $109.67. The company has a market cap of $134.11 billion, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 1.80 and a beta of 0.52. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 52 week low of $75.45 and a 52 week high of $135.29.

Newmont (NYSE:NEM) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion for 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 in the previous year, the company earned $1.43 EPS. On average, equities analysts forecast that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio is 13.13%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NEM. Canaccord Genuity Group reduced their price objective on Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Canadian Imperial Bank of Commerce set a $170.00 price target on Newmont in a report on Friday, August 14th. BMO Capital Markets lowered their price objective on Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. Finally, Weiss Ratings downgraded Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $132.73.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.