New England Research & Management Inc. Buys Shares of 10,900 Newmont Co. (NYSE:NEM)

New England Research & Management Inc. bought a new stake in Newmont Co. (NYSE:NEM) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 10,900 shares of the basic materials company’s stock, valued at approximately $465,000.

A number of other institutional investors also recently made changes to their positions in NEM. Compass Wealth Management LLC acquired a new stake in shares of Newmont during the 4th quarter valued at approximately $25,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in shares of Newmont during the 1st quarter valued at approximately $26,000. Sittner & Nelson LLC raised its position in shares of Newmont by 177.5% during the 1st quarter. Sittner & Nelson LLC now owns 555 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 355 shares in the last quarter. Delta Asset Management LLC TN acquired a new stake in shares of Newmont during the 4th quarter valued at approximately $30,000. Finally, Caldwell Sutter Capital Inc. acquired a new stake in shares of Newmont during the 1st quarter valued at approximately $30,000. 79.53% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

Shares of NYSE:NEM traded up $0.42 on Thursday, hitting $39.68. The company’s stock had a trading volume of 653,369 shares, compared to its average volume of 7,670,969. Newmont Co. has a 12 month low of $37.45 and a 12 month high of $60.08. The company has a market capitalization of $31.53 billion, a price-to-earnings ratio of -40.90, a price-to-earnings-growth ratio of 1.58 and a beta of 0.38. The stock’s 50-day moving average is $40.84 and its two-hundred day moving average is $43.80. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.87 and a current ratio of 2.28.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, July 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). Newmont had a positive return on equity of 5.74% and a negative net margin of 6.77%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the previous year, the company posted $0.46 EPS. The company’s revenue for the quarter was down 12.3% compared to the same quarter last year. On average, equities research analysts forecast that Newmont Co. will post 2.04 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend is Wednesday, September 6th. Newmont’s payout ratio is currently -166.67%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $42.85, for a total transaction of $471,350.00. Following the transaction, the chief executive officer now directly owns 278,039 shares of the company’s stock, valued at $11,913,971.15. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, COO Robert D. Atkinson sold 5,500 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $39.91, for a total value of $219,505.00. Following the completion of the transaction, the chief operating officer now owns 76,251 shares in the company, valued at approximately $3,043,177.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $42.85, for a total value of $471,350.00. Following the completion of the transaction, the chief executive officer now owns 278,039 shares of the company’s stock, valued at approximately $11,913,971.15. The disclosure for this sale can be found here. Insiders have sold a total of 38,683 shares of company stock valued at $1,600,929 over the last three months. Company insiders own 0.07% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on NEM. StockNews.com began coverage on Newmont in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Barclays upgraded Newmont from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $62.00 to $61.00 in a research note on Friday, July 7th. TD Securities lowered their price objective on Newmont from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, July 24th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating and lowered their price objective for the stock from $54.00 to $50.00 in a research note on Friday, July 21st. Finally, Canaccord Genuity Group lowered their price objective on Newmont from $63.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, July 24th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.00.

Newmont Profile

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, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.