10,383 Shares in Newmont Co. (NYSE:NEM) Bought by HB Wealth Management LLC

Posted by Defense World Staff on Apr 1st, 2023

HB Wealth Management LLC bought a new position in shares of Newmont Co. (NYSE:NEM – Get Rating) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 10,383 shares of the basic materials company’s stock, valued at approximately $490,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEM. Hexagon Capital Partners LLC raised its holdings in Newmont by 12.6% during the fourth quarter. Hexagon Capital Partners LLC now owns 1,650 shares of the basic materials company’s stock worth $78,000 after acquiring an additional 185 shares in the last quarter. Fruth Investment Management grew its position in shares of Newmont by 0.6% in the fourth quarter. Fruth Investment Management now owns 31,099 shares of the basic materials company’s stock valued at $1,467,000 after purchasing an additional 200 shares during the last quarter. Lowe Wealth Advisors LLC grew its position in shares of Newmont by 7.2% in the fourth quarter. Lowe Wealth Advisors LLC now owns 2,965 shares of the basic materials company’s stock valued at $140,000 after purchasing an additional 200 shares during the last quarter. Gleason Group Inc. grew its position in shares of Newmont by 29.1% in the fourth quarter. Gleason Group Inc. now owns 1,030 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 232 shares during the last quarter. Finally, Hedges Asset Management LLC boosted its stake in shares of Newmont by 1.4% in the third quarter. Hedges Asset Management LLC now owns 18,700 shares of the basic materials company’s stock valued at $786,000 after buying an additional 250 shares during the period. 77.60% of the stock is currently owned by institutional investors.

Insider Activity at Newmont

In related news, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total value of $144,690.00. Following the completion of the transaction, the chief operating officer now directly owns 33,947 shares in the company, valued at approximately $1,637,263.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $44.25, for a total transaction of $486,750.00. Following the completion of the transaction, the chief executive officer now directly owns 322,039 shares in the company, valued at approximately $14,250,225.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $48.23, for a total transaction of $144,690.00. Following the sale, the chief operating officer now directly owns 33,947 shares of the company’s stock, valued at $1,637,263.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,000 shares of company stock worth $1,294,720. Corporate insiders own 0.07% of the company’s stock.

Newmont Trading Up 0.4 %

Shares of NEM stock opened at $49.02 on Friday. The company has a 50 day moving average of $47.41 and a 200-day moving average of $46.19. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.89 and a current ratio of 2.23. Newmont Co. has a 12-month low of $37.45 and a 12-month high of $86.37.

Newmont (NYSE:NEM – Get Rating) last issued its quarterly earnings results on Thursday, February 23rd. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.03). Newmont had a positive return on equity of 6.98% and a negative net margin of 3.60%. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter in the previous year, the business earned $0.78 EPS. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, analysts predict that Newmont Co. will post 2.24 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 23rd. Investors of record on Thursday, March 9th were paid a $0.40 dividend. The ex-dividend date was Wednesday, March 8th. This represents a $1.60 dividend on an annualized basis and a yield of 3.26%. Newmont’s dividend payout ratio is -296.29%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NEM shares. Barclays upped their target price on Newmont from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. Raymond James decreased their price objective on Newmont from $61.00 to $56.00 and set an “outperform” rating for the company in a report on Friday, February 24th. National Bank Financial increased their price objective on Newmont from C$76.00 to C$86.00 in a report on Friday, January 13th. StockNews.com initiated coverage on Newmont in a report on Thursday, March 16th. They set a “hold” rating for the company. Finally, BNP Paribas upgraded Newmont from a “neutral” rating to an “outperform” rating and set a $60.00 price target for the company in a report on Monday, February 13th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.21.

Newmont Profile

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Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.