Newmont Co. (NYSE:NEM) Position Increased by Cedar Wealth Management LLC

Cedar Wealth Management LLC increased its position in shares of Newmont Co. (NYSE:NEM) by 17.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,914 shares of the basic materials company’s stock after acquiring an additional 2,177 shares during the quarter. Cedar Wealth Management LLC’s holdings in Newmont were worth $624,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NEM. Meeder Asset Management Inc. acquired a new position in Newmont in the 2nd quarter valued at approximately $27,000. LRI Investments LLC acquired a new stake in Newmont during the first quarter valued at $25,000. Heritage Wealth Advisors grew its stake in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares in the last quarter. Crewe Advisors LLC acquired a new position in Newmont in the 1st quarter worth about $35,000. Finally, Rise Advisors LLC raised its stake in shares of Newmont by 2,373.2% during the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 973 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. BMO Capital Markets increased their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. UBS Group upped their price objective on shares of Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday. Jefferies Financial Group boosted their price target on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Finally, Bank of America upped their price target on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.62.

Newmont Price Performance

NYSE:NEM opened at $53.52 on Friday. The company has a market capitalization of $61.72 billion, a price-to-earnings ratio of -20.04, a PEG ratio of 0.37 and a beta of 0.49. The company has a 50-day moving average of $49.97 and a 200-day moving average of $43.33. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $54.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. As a group, equities research analysts anticipate that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. Newmont’s payout ratio is -37.45%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,000 shares of company stock worth $2,744,700. Company insiders own 0.06% of the company’s stock.

Newmont 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.