Park Edge Advisors LLC Takes Position in Newmont Corporation $NEM

Park Edge Advisors LLC purchased a new stake in Newmont Corporation (NYSE:NEM) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,196 shares of the basic materials company’s stock, valued at approximately $1,104,000.

A number of other large investors have also added to or reduced their stakes in NEM. GoalVest Advisory LLC acquired a new stake in Newmont in the fourth quarter valued at about $25,000. Swiss RE Ltd. acquired a new position in Newmont during the fourth quarter worth about $26,000. Cornerstone Planning Group LLC lifted its holdings in shares of Newmont by 312.1% in the fourth 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. JPL Wealth Management LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at approximately $27,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Newmont in the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of a number of research reports. Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. TD Cowen reissued a “buy” rating on shares of Newmont in a report on Monday, April 27th. Macquarie Infrastructure reduced their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a research report on Monday, June 15th. Sanford C. Bernstein upgraded Newmont from a “market perform” rating to an “outperform” rating and increased their target price for the company from $121.00 to $157.00 in a research report on Friday, February 27th. Finally, National Bank Financial boosted their price target on Newmont from $130.00 to $140.00 and gave the stock a “sector perform” rating in a report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.50.

Newmont Trading Down 4.2%

Shares of Newmont stock opened at $93.75 on Thursday. 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 stock has a 50 day moving average price of $108.76 and a two-hundred day moving average price of $110.85. Newmont Corporation has a 52 week low of $55.37 and a 52 week high of $134.88. The stock has a market capitalization of $100.08 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same period in the previous year, the firm earned $1.25 EPS. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the transaction, the executive vice president owned 46,315 shares of the company’s stock, valued at $4,877,895.80. The trade was a 6.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This represents a 9.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 28,556 shares of company stock valued at $3,120,276 in the last three months. 0.06% of the stock is owned by company insiders.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont received key regulatory approvals for its Red Chris Block Cave project in British Columbia, allowing a transition to block caving and extending the mine’s life into the 2040s. The project is also expected to boost copper output in Canada, which supports longer-term production growth. Newmont Secures Red Chris Approval For A Copper Push Into The 2040s
• Positive Sentiment: BMO Capital Markets cut its price target to $135 from $145 but maintained an “outperform” rating, signaling analysts still see meaningful upside from current levels. BMO Capital Adjusts Price Target on Newmont
• Positive Sentiment: Newmont was included on a Zacks “Strong Buy” value-stocks list, which may reinforce investor interest in the name as a quality/value play. Best Value Stocks to Buy for June 23rd
• Neutral Sentiment: Coverage highlighted Newmont as a stock drawing S&P 500 attention and benefiting from strong gold prices, but these articles were more thematic than event-driven.
• Negative Sentiment: The stock has also been under pressure from a short-term pullback, with recent articles noting weaker trading momentum and a retreat from recent highs. Newmont Corporation (NEM) Dips More Than Broader Market: What You Should Know

Newmont Company 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.