Newmont Co. (NYSE:NEM) is Foundation Resource Management Inc.’s 6th Largest Position

Foundation Resource Management Inc. increased its stake in shares of Newmont Co. (NYSE:NEM) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 666,893 shares of the basic materials company’s stock after purchasing an additional 13,322 shares during the quarter. Newmont accounts for 4.7% of Foundation Resource Management Inc.’s holdings, making the stock its 6th largest holding. Foundation Resource Management Inc. owned about 0.08% of Newmont worth $28,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Compass Wealth Management LLC acquired a new stake in Newmont in the fourth quarter valued at about $25,000. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Newmont in the 1st quarter worth about $26,000. Sittner & Nelson LLC grew its stake in Newmont by 177.5% during the first quarter. Sittner & Nelson LLC now owns 555 shares of the basic materials company’s stock worth $27,000 after buying an additional 355 shares during the period. Caldwell Sutter Capital Inc. acquired a new stake in Newmont in the 1st quarter valued at $30,000. Finally, Quarry LP grew its position in Newmont by 1,462.5% in the first quarter. Quarry LP now owns 625 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 585 shares in the last quarter. 79.53% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

Newmont stock traded down $0.45 during midday trading on Tuesday, reaching $40.02. 2,181,353 shares of the company’s stock were exchanged, compared to its average volume of 7,746,550. The stock’s 50-day simple moving average is $40.76 and its 200 day simple moving average is $43.75. The firm has a market cap of $31.81 billion, a price-to-earnings ratio of -42.17, a P/E/G ratio of 1.67 and a beta of 0.38. 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 Co. has a 52 week low of $37.45 and a 52 week high of $60.08.

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

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Wednesday, September 6th. Newmont’s payout ratio is -166.66%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $42.16, for a total transaction of $463,760.00. Following the sale, the chief executive officer now owns 267,039 shares in the company, valued at approximately $11,258,364.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 sale, the chief operating officer now directly owns 76,251 shares in the company, valued at $3,043,177.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $42.16, for a total value of $463,760.00. Following the completion of the sale, the chief executive officer now owns 267,039 shares in the company, valued at approximately $11,258,364.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,683 shares of company stock valued at $1,600,929. Insiders own 0.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NEM shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.00 target price on shares of Newmont in a report on Wednesday, September 6th. Canaccord Genuity Group cut their price objective on shares of Newmont from $63.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating and cut their target price for the company from $54.00 to $50.00 in a research note on Friday, July 21st. Argus dropped their price objective on Newmont from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, July 25th. Finally, Raymond James cut their price target on shares of Newmont from $62.00 to $61.00 and set an “outperform” rating for the company in a report on Thursday, September 7th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock 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.