Prestige Wealth Management Group LLC Boosts Position in Newmont Corporation $NEM

Prestige Wealth Management Group LLC grew its holdings in shares of Newmont Corporation (NYSE:NEM) by 7,261.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 15,680 shares of the basic materials company’s stock after acquiring an additional 15,467 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Newmont were worth $1,566,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its position in shares of Newmont by 55.8% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 14,114 shares of the basic materials company’s stock valued at $1,409,000 after purchasing an additional 5,057 shares in the last quarter. J.W. Cole Advisors Inc. boosted its position in shares of Newmont by 2.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 45,637 shares of the basic materials company’s stock valued at $4,503,000 after purchasing an additional 1,113 shares in the last quarter. Prudential PLC boosted its position in shares of Newmont by 138.7% during the fourth quarter. Prudential PLC now owns 373,087 shares of the basic materials company’s stock valued at $37,253,000 after purchasing an additional 216,784 shares in the last quarter. Vise Technologies Inc. boosted its position in shares of Newmont by 32.8% during the fourth quarter. Vise Technologies Inc. now owns 41,467 shares of the basic materials company’s stock valued at $4,140,000 after purchasing an additional 10,237 shares in the last quarter. Finally, Crescent Grove Advisors LLC boosted its position in shares of Newmont by 29.9% during the fourth quarter. Crescent Grove Advisors LLC now owns 24,753 shares of the basic materials company’s stock valued at $2,472,000 after purchasing an additional 5,701 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NEM has been the topic of several research reports. TD Securities restated a “hold” rating and set a $129.00 price target on shares of Newmont in a research report on Monday, April 27th. Argus lifted their price target on Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. TD Cowen restated a “buy” rating on shares of Newmont in a research report on Monday, April 27th. The Goldman Sachs Group dropped their price target on Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a research report on Thursday. Finally, Royal Bank Of Canada dropped their price target on Newmont from $160.00 to $140.00 and set an “outperform” rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $142.07.

Newmont Trading Up 0.9%

Newmont stock opened at $108.46 on Friday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $111.74 and its two-hundred day simple moving average is $109.62. Newmont Corporation has a 12 month low of $52.08 and a 12 month high of $134.88. The company has a market capitalization of $115.79 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.78 and a beta of 0.42.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio is presently 13.49%.

Insider Activity

In other news, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares of the company’s stock, valued at $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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. Also, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. The trade was a 9.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 49,950 shares of company stock valued at $5,494,288. Corporate insiders own 0.06% of the company’s stock.

More Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Record gold prices are putting Newmont back in focus, reinforcing the stock’s appeal as a major gold producer and potential beneficiary of sustained strength in bullion. Record Gold Prices Put Newmont Back In Market Focus
• Positive Sentiment: RBC Capital maintained an outperform rating on Newmont despite lowering its price target to $140, signaling continued confidence in upside from current levels. RBC price target update
• Positive Sentiment: Recent bullish research also highlighted Newmont’s strong free cash flow, solid liquidity, and the company’s $6 billion buyback authorization as supportive long-term fundamentals. Newmont: Gold’s Volatility Creates A Long-Term Opportunity
• Neutral Sentiment: Insider selling by CEO Natascha Viljoen and EVP Peter Toth was disclosed, but both trades were made under pre-arranged Rule 10b5-1 plans, which makes them less likely to signal a negative change in outlook.
• Neutral Sentiment: Some recent articles suggest Newmont may be trading near fair value after its sharp multi-month rally, so investors are weighing whether most of the near-term upside is already priced in. A Look At Newmont (NEM) Valuation As Shares Trade Near Estimated Fair Value
• Negative Sentiment: One market note warned that after a roughly 96% one-year surge, Newmont could face limited additional upside if gold prices or mining sentiment cool off. Is It Too Late To Reassess Newmont (NEM) After Its 1 Year 96% Surge?

About Newmont

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.