Red Cedar Investment Management LLC Invests $1.26 Million in Newmont Co.

Red Cedar Investment Management LLC has recently acquired a new stake in Newmont Co. (NYSE:NEM - Free Report) during the third quarter of the year. According to their latest filing with the SEC, the investment firm purchased a total of 23,627 shares of Newmont's stock, which amounted to an investment of approximately $1,263,000.

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Other institutional investors have also adjusted their holdings in Newmont. Notably, Bessemer Group Inc. increased their stake by 7.5% in the first quarter, now owning 7,539 shares worth around $271,000 after acquiring an additional 529 shares in the latest quarter. In the second quarter, Herr Investment Group LLC invested approximately $419,000 in Newmont. Truist Financial Corp also raised its holdings by 8.1%, now owning 150,352 shares with a value of $6,295,000 after an additional purchase of 11,276 shares. Further, Cetera Trust Company N.A expanded its position in the third quarter with an investment of $705,000, while Primoris Wealth Advisors LLC took a new stake worth approximately $607,000. Overall, institutional investors control about 68.85% of Newmont's stock.

Newmont Stock Performance

On Monday, Newmont's stock rose by 1.1%, reaching $45.75. The trading volume was 2,062,063 shares, significantly lower than the average volume of 10,381,269 shares. Financial metrics show a debt-to-equity ratio of 0.30, a current ratio of 1.96, and a quick ratio of 1.73. Newmont Corporation has a market capitalization of $52.08 billion, with a PE ratio of -29.78 and a P/E/G ratio of 0.38. The company's 50-day simple moving average stands at $52.91, while the 200-day simple moving average is $47.22. Over the past year, its stock has ranged from a low of $29.42 to a high of $58.72.

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Newmont (NYSE:NEM - Get Free Report) reported its quarterly earnings on October 23rd, revealing an earnings per share (EPS) of $0.81, which fell short of analysts' expectations of $0.86 by $0.05. The company recorded a negative net margin of 7.03% and a return on equity of 9.80%. Revenue for the quarter was $4.61 billion, slightly below the anticipated $4.67 billion. This marks an 84.7% increase in quarterly revenue compared to the same period last year. Analysts project an EPS of 3.12 for the current fiscal year for Newmont.

Dividend Declaration

Recently, Newmont announced a quarterly dividend scheduled for payment on December 23rd. Shareholders who are on record by November 27th will receive a dividend of $0.25 per share, equating to an annualized dividend of $1.00 and a yield of 2.19%. The ex-dividend date is also set for November 27th. Currently, Newmont's dividend payout ratio stands at -65.79%.

Insider Transactions

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In recent insider activity, CEO Thomas Ronald Palmer sold 20,000 shares on September 3rd for an average price of $52.47, totaling $1,049,400. Following this sale, he possesses 291,469 shares valued at approximately $15,293,378.43. Another executive, EVP Peter Toth, sold 3,000 shares on the same date for a total of $157,410. These transactions have slightly reduced the insiders' ownership, with a total of 46,000 shares valued at $2,444,440 sold last quarter, representing 0.06% of the company's stock owned by insiders.

Research and Analyst Opinions

Various research firms have provided updates regarding Newmont's stock. Royal Bank of Canada lowered its target price from $54.00 to $53.00 while maintaining a "sector perform" rating. Argus upgraded Newmont from "hold" to "buy" with a price target of $58.00. Conversely, UBS Group downgraded Newmont from "buy" to "neutral", revising its target price from $67.00 to $54.00. Jefferies Financial Group increased its target from $54.00 to $63.00, giving a "buy" rating. BMO Capital Markets also raised its target price from $56.00 to $57.00, indicating an "outperform" rating. Currently, nine analysts rate the stock as hold, seven as buy, and two as strong buy, with an average rating of "Moderate Buy" and a consensus target price of $53.85.

Explore More on Newmont

Overview of Newmont Corporation

Newmont Corporation engages in gold production and exploration, along with the exploration of copper, silver, zinc, and lead. The company operates in multiple countries, including the United States, Canada, Mexico, the Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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This quick news update provides relevant details about Red Cedar Investment Management's investment in Newmont Corporation and broader market context.

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