AlTi Global Inc. Acquires 4,998 Shares of Newmont Corporation $NEM

AlTi Global Inc. boosted its position in Newmont Corporation (NYSE:NEM) by 30.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,568 shares of the basic materials company’s stock after purchasing an additional 4,998 shares during the period. AlTi Global Inc.’s holdings in Newmont were worth $1,267,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of NEM. Brighton Jones LLC increased its holdings in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 1,847 shares in the last quarter. GAMMA Investing LLC increased its holdings in Newmont by 22.2% in the 1st quarter. GAMMA Investing LLC now owns 21,146 shares of the basic materials company’s stock worth $1,021,000 after purchasing an additional 3,840 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Newmont in the 1st quarter worth about $423,000. Flagship Harbor Advisors LLC acquired a new position in Newmont in the 1st quarter worth about $202,000. Finally, Moran Wealth Management LLC increased its holdings in Newmont by 5.3% in the 1st quarter. Moran Wealth Management LLC now owns 26,294 shares of the basic materials company’s stock worth $1,269,000 after purchasing an additional 1,314 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NEM. Raymond James Financial set a $99.00 target price on Newmont and gave the stock an “outperform” rating in a report on Friday. Weiss Ratings cut Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. National Bankshares reissued an “outperform” rating on shares of Newmont in a research note on Monday, September 22nd. UBS Group increased their price target on Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a research note on Thursday, October 16th. Finally, Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $90.59.

Newmont Stock Down 6.4%

Shares of Newmont stock opened at $83.25 on Friday. Newmont Corporation has a one year low of $36.86 and a one year high of $98.58. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The stock’s 50-day moving average is $81.17 and its 200 day moving average is $65.41. The firm has a market cap of $91.45 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.60 and a beta of 0.34.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.69% and a net margin of 33.42%.The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the company earned $0.81 EPS. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Newmont’s dividend payout ratio is presently 15.53%.

Insider Activity at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the sale, the director owned 36,869 shares in the company, valued at approximately $3,133,496.31. The trade was a 5.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,249 shares of company stock worth $1,132,065 in the last 90 days. Corporate insiders own 0.05% of the company’s stock.

About Newmont

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.