Hexagon Capital Partners LLC Has $216,000 Stock Position in Newmont Co. (NYSE:NEM)

11 Oct 2024, 15:08 by Danessa Lincoln · The Markets Daily

Hexagon Capital Partners LLC reduced its holdings in Newmont Co. (NYSE:NEM – Free Report) by 24.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,047 shares of the basic materials company’s stock after selling 1,340 shares during the period. Hexagon Capital Partners LLC’s holdings in Newmont were worth $216,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. American International Group Inc. grew its position in shares of Newmont by 24.8% during the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after buying an additional 58,217 shares during the period. Virtu Financial LLC bought a new position in shares of Newmont during the fourth quarter worth $3,313,000. GLOBALT Investments LLC GA bought a new stake in shares of Newmont in the 4th quarter valued at $2,570,000. Bessemer Group Inc. lifted its holdings in Newmont by 7.5% during the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 529 shares in the last quarter. Finally, Herr Investment Group LLC acquired a new position in Newmont in the second quarter valued at about $419,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NEM has been the subject of several research reports. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their price objective for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $48.00 to $59.00 in a report on Monday, August 19th. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, August 29th. Finally, BNP Paribas raised Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.31.

Get Our Latest Report on Newmont

Newmont Stock Performance

Shares of NEM opened at $53.40 on Friday. The firm’s 50-day simple moving average is $51.80 and its 200 day simple moving average is $45.35. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $56.30.

Newmont (NYSE:NEM – Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the company posted $0.33 EPS. The firm’s quarterly revenue was up 64.1% on a year-over-year basis. Sell-side analysts forecast that Newmont Co. will post 3.1 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 5th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.87%. Newmont’s dividend payout ratio is presently -47.17%.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’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 transaction, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,000 shares of company stock worth $3,434,640. Corporate insiders own 0.06% of the company’s stock.

Newmont Profile

(Free Report)

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.