SeaCrest Wealth Management LLC Acquires New Shares in Newmont Co. (NYSE:NEM)

SeaCrest Wealth Management LLC recently announced that it has acquired a new position in Newmont Co. (NYSE:NEM) during the third quarter of the year. This acquisition was disclosed through a filing with the Securities and Exchange Commission (SEC). SeaCrest purchased 3,751 shares of Newmont, which is valued at approximately $200,000.

In addition to SeaCrest's investment, several other large investors have also been active in changing their positions in Newmont. Fulton Bank N.A. increased its holdings in Newmont by 1.5% in the third quarter, bringing its total shares to 15,188, worth around $812,000 after acquiring an additional 221 shares. Pekin Hardy Strauss Inc. raised its stake by 0.4% in the second quarter, now holding 64,082 shares valued at $2,683,000 after buying 233 more shares. Similarly, KCM Investment Advisors LLC increased its position by 2.3%, now owning 10,819 shares valued at $453,000 after purchasing an additional 244 shares.

Meeder Advisory Services Inc. also added to its holdings, increasing its investment in Newmont by 3.8% in the first quarter, owning 7,560 shares worth $271,000 after buying 278 shares. Crestmont Private Wealth LLC boosted its position by 4.9% during the same period, now owning 6,852 shares valued at $246,000 following the purchase of 319 additional shares. Currently, institutional investors hold approximately 68.85% of Newmont’s stock.

Performance of Newmont’s Shares

On the most recent trading day, shares of Newmont opened at $57.62. The company's market capitalization stands at $66.44 billion, with a price-to-earnings (P/E) ratio of -21.58 and a P/E growth (P/E/G) ratio of 0.43. The stock has shown a beta of 0.50, indicating lower volatility compared to the market. In terms of moving averages, Newmont’s fifty-day average is $52.88, while its 200-day average is $46.26. Over the past year, the shares have reached a low of $29.42 and a high of $57.96.

Newmont reported its quarterly earnings data on July 24, showing earnings of $0.72 per share, which exceeded analysts' expectations of $0.62 by $0.10. The company generated revenue of $4.40 billion, surpassing analyst estimates of $4.13 billion. However, Newmont reported a negative net margin of 13.16% but achieved a positive return on equity of 8.35%. When compared to the same quarter last year, revenue increased by 64.1%. Analysts predict that Newmont will achieve earnings of 3.1 per share in the current fiscal year.

Dividend Announcement by Newmont

Recently, Newmont declared a quarterly dividend, which was distributed on September 30 to stockholders who were on record as of September 5. The declared dividend was $0.25 per share, which amounts to an annual dividend of $1.00, representing a yield of 1.74%. The dividend payout ratio currently stands at -37.45%.

Recent Insider Transactions

In related news, insider transactions recorded include the sale of 3,000 shares by EVP Peter Toth on October 1, with an average selling price of $53.81, totaling $161,430. After this sale, Toth retains ownership of 91,596 shares valued at around $4.93 million. Additionally, CEO Thomas Ronald Palmer sold 20,000 shares on September 3 at an average price of $52.47, totaling $1,049,400, maintaining 291,469 shares worth approximately $15.29 million. Over the last 90 days, insiders have sold 66,000 shares valued at about $3.43 million, with 0.06% of shares currently held by corporate insiders.

Price Targets Set by Analysts

Recent comments from various research firms have updated their ratings and price targets for Newmont shares. UBS Group raised their price target from $65.00 to $67.00, giving a “buy” rating in a report published on Tuesday. Argus upgraded Newmont shares from “hold” to “buy,” setting a price objective of $58.00. Jefferies Financial Group also increased their target on shares from $54.00 to $63.00, continuing with a “buy” rating. Other firms like Cibc World Markets and Bank of America have also made positive revisions to their outlook on Newmont. Currently, five analysts have rated the stock as “hold,” ten as “buy,” and three as “strong buy,” reflecting a consensus rating of “Moderate Buy” with an average target price of $53.46.

About Newmont Corporation

Newmont Corporation is involved in the production and exploration of gold and also explores for other metals such as copper, silver, zinc, and lead. The company operates across various regions, including the United States, Canada, Mexico, and several countries in South America and Australia, among others.

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