National Pension Service Acquires 190,287 Shares of Newmont Co. (NYSE:NEM)

Posted by MarketBeat News on Mar 16th, 2023

National Pension Service raised its stake in shares of Newmont Co. (NYSE:NEM – Get Rating) by 16.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,321,330 shares of the basic materials company’s stock after purchasing an additional 190,287 shares during the period. National Pension Service owned 0.17% of Newmont worth $55,179,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. Kerntke Otto McGlone Wealth Management Group grew its position in shares of Newmont by 1.6% in the 2nd quarter. Kerntke Otto McGlone Wealth Management Group now owns 15,790 shares of the basic materials company’s stock valued at $942,000 after purchasing an additional 245 shares during the period. Hedges Asset Management LLC lifted its stake in Newmont by 1.4% in the 3rd quarter. Hedges Asset Management LLC now owns 18,700 shares of the basic materials company’s stock valued at $786,000 after acquiring an additional 250 shares in the last quarter. FinTrust Capital Advisors LLC lifted its stake in Newmont by 2.4% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 11,882 shares of the basic materials company’s stock valued at $495,000 after acquiring an additional 275 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Newmont by 25.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock valued at $108,000 after acquiring an additional 278 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its stake in Newmont by 4.0% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 7,451 shares of the basic materials company’s stock valued at $313,000 after acquiring an additional 285 shares in the last quarter. Institutional investors and hedge funds own 77.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on NEM. Fundamental Research set a $51.92 target price on Newmont and gave the company a “buy” rating in a research note on Tuesday, March 7th. Canaccord Genuity Group upgraded Newmont from a “hold” rating to a “buy” rating and boosted their target price for the company from $53.00 to $55.00 in a research note on Monday. TD Securities upgraded Newmont from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Friday, February 24th. Credit Suisse Group upped their price objective on Newmont to $54.00 in a research note on Monday, November 21st. Finally, BNP Paribas upgraded Newmont from a “neutral” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Monday, February 13th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.21.

Insider Buying and Selling at Newmont

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In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $48.23, for a total value of $530,530.00. Following the transaction, the chief executive officer now directly owns 199,949 shares of the company’s stock, valued at approximately $9,643,540.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $48.23, for a total value of $530,530.00. Following the transaction, the chief executive officer now directly owns 199,949 shares of the company’s stock, valued at approximately $9,643,540.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Robert D. Atkinson sold 3,000 shares of the company’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total value of $144,690.00. Following the completion of the transaction, the chief operating officer now directly owns 33,947 shares in the company, valued at $1,637,263.81. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock valued at $1,294,720 in the last ninety days. 0.11% of the stock is currently owned by corporate insiders.

Newmont Stock Up 2.8 %

NEM opened at $46.11 on Thursday. Newmont Co. has a 1-year low of $37.45 and a 1-year high of $86.37. The stock’s fifty day simple moving average is $48.59 and its 200 day simple moving average is $45.74. The company has a current ratio of 2.23, a quick ratio of 1.89 and a debt-to-equity ratio of 0.31. The stock has a market cap of $36.60 billion, a PE ratio of -85.39, a price-to-earnings-growth ratio of 1.58 and a beta of 0.31.

Newmont (NYSE:NEM – Get Rating) last posted its quarterly earnings results on Thursday, February 23rd. The basic materials company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.03). Newmont had a negative net margin of 3.60% and a positive return on equity of 6.98%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the company posted $0.78 EPS. The firm’s revenue was down 5.6% on a year-over-year basis. As a group, research analysts expect that Newmont Co. will post 2.3 earnings per share for the current year.

Newmont Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Thursday, March 9th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Wednesday, March 8th. Newmont’s dividend payout ratio is -296.29%.

Newmont Profile

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Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.