Cedar Wealth Management LLC Buys 2,177 Shares of Newmont Co. (NYSE:NEM)

Cedar Wealth Management LLC increased its stake in shares of Newmont Co. (NYSE:NEM) by 17.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,914 shares of the basic materials company’s stock after acquiring an additional 2,177 shares during the period. Cedar Wealth Management LLC’s holdings in Newmont were worth $624,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. LRI Investments LLC bought a new stake in shares of Newmont in the 1st quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new stake in Newmont in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont in the second quarter valued at approximately $27,000. Heritage Wealth Advisors boosted its stake in shares of Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the period. Finally, Crewe Advisors LLC acquired a new position in shares of Newmont during the 1st quarter worth approximately $35,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Performance

NYSE NEM opened at $53.52 on Friday. 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 Co. has a fifty-two week low of $29.42 and a fifty-two week high of $54.93. The stock has a market cap of $61.72 billion, a PE ratio of -20.04, a PEG ratio of 0.37 and a beta of 0.49. The firm’s fifty day moving average price is $49.97 and its two-hundred day moving average price is $43.33.

Newmont (NYSE:NEM) last issued its quarterly 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. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the previous year, the company earned $0.33 EPS. The company’s revenue for the quarter was up 64.1% on a year-over-year basis. On average, equities analysts expect that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Announces Dividend

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

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock worth $2,744,700 in the last quarter. Company insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Thursday, August 29th. Jefferies Financial Group increased their price objective on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.62.

Newmont Company 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.