VCI Wealth Management LLC Purchases Shares of 9,382 Newmont Corporation $NEM

VCI Wealth Management LLC acquired a new stake in Newmont Corporation (NYSE:NEM) in the first quarter, HoldingsChannel reports. The institutional investor acquired 9,382 shares of the basic materials company’s stock, valued at approximately $1,016,000.

Several other institutional investors have also made changes to their positions in NEM. Drum Hill Capital LLC increased its stake in Newmont by 2.9% in the first quarter. Drum Hill Capital LLC now owns 80,460 shares of the basic materials company’s stock valued at $8,710,000 after acquiring an additional 2,232 shares during the period. Aaron Wealth Advisors LLC lifted its stake in Newmont by 1.6% during the first quarter. Aaron Wealth Advisors LLC now owns 11,451 shares of the basic materials company’s stock worth $1,240,000 after purchasing an additional 183 shares during the period. Louisiana State Employees Retirement System bought a new position in Newmont during the first quarter worth about $6,019,000. Fiduciary Alliance LLC acquired a new stake in Newmont during the first quarter valued at approximately $277,000. Finally, Park Edge Advisors LLC acquired a new stake in Newmont during the first quarter valued at approximately $1,104,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 have sold a total of 28,556 shares of company stock worth $3,120,276 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Newmont Stock Performance

NYSE:NEM opened at $96.09 on Friday. The stock has a market capitalization of $102.58 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 1.58 and a beta of 0.42. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1 year low of $55.37 and a 1 year high of $134.88. The firm has a 50 day moving average of $107.94 and a 200-day moving average of $110.78.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.83 billion. During the same period in the prior year, the company earned $1.25 EPS. Newmont’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, May 27th. Newmont’s dividend payout ratio is presently 13.49%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NEM. Zacks Research raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, June 15th. Canadian Imperial Bank of Commerce set a $175.00 price target on Newmont and gave the company an “outperform” rating in a research report on Monday, June 1st. Citigroup increased their price objective on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Barclays assumed coverage on Newmont in a report on Thursday, May 21st. They set an “overweight” rating and a $133.00 price objective for the company. Finally, Royal Bank Of Canada reduced their target price on shares of Newmont from $160.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 3rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $140.50.

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.