State Street Corp Increases Stake in Newmont Co. (NYSE:NEM)

State Street Corp grew its position in shares of Newmont Co. (NYSE:NEMGet Rating) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,619,717 shares of the basic materials company’s stock after buying an additional 270,396 shares during the quarter. State Street Corp owned 0.05% of Newmont worth $3,227,237,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Vectors Research Management LLC purchased a new position in Newmont during the 4th quarter worth $25,000. Rational Advisors LLC grew its stake in Newmont by 133.7% in the 4th quarter. Rational Advisors LLC now owns 416 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 238 shares during the last quarter. Lloyd Advisory Services LLC. acquired a new stake in Newmont in the 1st quarter valued at about $28,000. Central Bank & Trust Co. acquired a new stake in Newmont in the 1st quarter valued at about $29,000. Finally, Pacific Center for Financial Services acquired a new stake in Newmont in the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 81.11% of the company’s stock.

Insider Buying and Selling at Newmont

In other Newmont news, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $59.43, for a total value of $178,290.00. Following the completion of the sale, the chief operating officer now owns 64,617 shares of the company’s stock, valued at $3,840,188.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Newmont news, CFO Nancy Buese sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $61.50, for a total value of $615,000.00. Following the completion of the sale, the chief financial officer now owns 39,530 shares of the company’s stock, valued at $2,431,095. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $59.43, for a total transaction of $178,290.00. Following the completion of the sale, the chief operating officer now directly owns 64,617 shares of the company’s stock, valued at approximately $3,840,188.31. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock valued at $2,081,920 over the last 90 days. 0.11% of the stock is owned by corporate insiders.

Newmont Trading Up 1.8 %

NYSE NEM opened at $43.17 on Friday. Newmont Co. has a one year low of $40.27 and a one year high of $86.37. The company’s 50 day moving average price is $47.91 and its 200 day moving average price is $63.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.44 and a current ratio of 2.82. The firm has a market capitalization of $34.26 billion, a price-to-earnings ratio of 43.61 and a beta of 0.29.

Newmont (NYSE:NEMGet Rating) last posted its quarterly earnings results on Monday, July 25th. The basic materials company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.14). Newmont had a net margin of 6.40% and a return on equity of 9.13%. The business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the previous year, the business posted $0.83 EPS. The company’s quarterly revenue was down .2% on a year-over-year basis. On average, sell-side analysts predict that Newmont Co. will post 2.61 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be issued a $0.55 dividend. The ex-dividend date is Wednesday, September 7th. This represents a $2.20 annualized dividend and a yield of 5.10%. Newmont’s payout ratio is 222.22%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on NEM shares. Raymond James lowered their price objective on shares of Newmont from $76.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 26th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, September 6th. TD Securities reduced their target price on shares of Newmont from $64.00 to $52.00 and set a “hold” rating on the stock in a report on Tuesday, July 26th. Canaccord Genuity Group upgraded shares of Newmont from a “hold” rating to a “buy” rating and reduced their target price for the company from $66.00 to $60.00 in a report on Wednesday, July 27th. Finally, National Bank Financial upgraded shares of Newmont from a “sector perform” rating to an “outperform” rating in a report on Wednesday, July 27th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $69.10.

Newmont Profile

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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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

Further Reading

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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