Red Cedar Investment Management LLC Makes New $1.26 Million Investment in Newmont Co. (NYSE:NEM)

Red Cedar Investment Management LLC purchased a new stake in shares of Newmont Co. (NYSE:NEM) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 23,627 shares of the basic materials company’s stock, valued at approximately $1,263,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NEM. Bessemer Group Inc. increased its holdings in Newmont by 7.5% in the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 529 shares in the last quarter. Herr Investment Group LLC purchased a new stake in Newmont in the 2nd quarter worth approximately $419,000. Truist Financial Corp increased its holdings in Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after acquiring an additional 11,276 shares in the last quarter. Cetera Trust Company N.A bought a new position in Newmont in the 3rd quarter worth approximately $705,000. Finally, Primoris Wealth Advisors LLC bought a new position in Newmont in the 2nd quarter worth approximately $607,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 1.1 %

NYSE NEM traded up $0.49 during trading on Monday, hitting $45.75. The company’s stock had a trading volume of 2,062,063 shares, compared to its average volume of 10,381,269. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company has a market cap of $52.08 billion, a PE ratio of -29.78, a P/E/G ratio of 0.38 and a beta of 0.52. The business’s 50 day simple moving average is $52.91 and its 200-day simple moving average is $47.22. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter last year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. On average, equities analysts anticipate that Newmont Co. will post 3.12 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock valued at $2,444,440 in the last quarter. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on NEM. Royal Bank of Canada dropped their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. Jefferies Financial Group upped their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, BMO Capital Markets increased their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.85.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.