Core Capital Management & Research inc. Takes Position in Newmont Corporation $NEM

Core Capital Management & Research inc. acquired a new position in shares of Newmont Corporation (NYSE:NEM) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,000 shares of the basic materials company’s stock, valued at approximately $467,000.

Other large investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its position in shares of Newmont by 3.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 58,415 shares of the basic materials company’s stock valued at $5,456,000 after acquiring an additional 2,218 shares during the last quarter. Nykredit A S acquired a new stake in Newmont during the second quarter worth about $38,917,000. Range Advisory LLC raised its stake in Newmont by 46.9% during the second quarter. Range Advisory LLC now owns 3,698 shares of the basic materials company’s stock worth $345,000 after purchasing an additional 1,181 shares during the period. Corient Private Wealth LP purchased a new position in Newmont during the second quarter worth about $3,155,000. Finally, Tucker Asset Management LLC acquired a new position in Newmont in the 2nd quarter valued at about $361,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NEM stock opened at $128.81 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The firm has a market cap of $135.73 billion, a P/E ratio of 16.26, a P/E/G ratio of 1.79 and a beta of 0.52. The firm’s 50 day moving average price is $109.24 and its 200-day moving average price is $109.69. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter last year, the firm earned $1.43 EPS. As a group, equities research analysts predict that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Announces Dividend

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

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $369,000.00. Following the completion of the transaction, the executive vice president directly owned 37,315 shares of the company’s stock, valued at $4,589,745. The trade was a 7.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 32,091 shares of company stock worth $3,414,187 in the last three months. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NEM. TD Securities upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. UBS Group decreased their price objective on Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. TD increased their price objective on Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Wall Street Zen cut Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.11.

About Newmont

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.