Global Retirement Partners LLC Takes Position in Newmont Corporation $NEM

Global Retirement Partners LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 19,840 shares of the basic materials company’s stock, valued at approximately $1,853,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Fielder Capital Group LLC acquired a new position in Newmont during the 2nd quarter worth $721,000. Silverlake Wealth Management LLC acquired a new position in shares of Newmont during the second quarter valued at $1,146,000. Bank of New York Mellon Corp bought a new stake in shares of Newmont during the second quarter valued at about $1,219,505,000. Private Advisory Group LLC acquired a new stake in Newmont in the second quarter worth about $10,430,000. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in Newmont in the second quarter worth about $2,794,000. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on NEM shares. Royal Bank Of Canada lowered their target price on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. TD Securities upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Bank of America lowered their price objective on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, The Goldman Sachs Group dropped their target price on Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Two investment 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. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $132.59.

Newmont Stock Performance

NYSE:NEM opened at $120.35 on Tuesday. Newmont Corporation has a twelve month low of $67.20 and a twelve month high of $134.88. 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 company has a 50-day moving average of $99.36 and a 200-day moving average of $108.81. The firm has a market cap of $126.81 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47.

Newmont (NYSE:NEM) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the previous year, the firm earned $1.43 EPS. Analysts forecast that Newmont Corporation will post 9 earnings per share for the current fiscal year.

Newmont Announces Dividend

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 0.9%. The ex-dividend date is Thursday, September 3rd. Newmont’s dividend payout ratio is 13.13%.

Insider Transactions at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction 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 transaction, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the sale, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. This trade represents a 6.93% 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. Insiders sold a total of 32,091 shares of company stock valued at $3,292,513 in the last three months. 0.06% of the stock is currently owned by corporate insiders.

Newmont Profile

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.