Dimensional Fund Advisors LP Boosts Stock Holdings in Newmont Co. (NYSE:NEM)

Dimensional Fund Advisors LP grew its position in shares of Newmont Co. (NYSE:NEM) by 7.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,531,444 shares of the basic materials company’s stock after purchasing an additional 538,428 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.95% of Newmont worth $321,254,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Compass Wealth Management LLC purchased a new position in Newmont in the 4th quarter valued at about $25,000. Sittner & Nelson LLC lifted its stake in Newmont by 177.5% in the 1st quarter. Sittner & Nelson LLC now owns 555 shares of the basic materials company’s stock valued at $27,000 after buying an additional 355 shares in the last quarter. Nemes Rush Group LLC purchased a new position in Newmont in the 2nd quarter valued at about $28,000. Beaird Harris Wealth Management LLC purchased a new position in Newmont in the 2nd quarter valued at about $31,000. Finally, RFP Financial Group LLC purchased a new position in shares of Newmont in the second quarter worth about $31,000. 79.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on NEM. BMO Capital Markets reaffirmed an “outperform” rating and set a $58.00 price objective (down previously from $65.00) on shares of Newmont in a research note on Tuesday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.00 price objective on shares of Newmont in a research report on Wednesday, September 6th. Canaccord Genuity Group cut their target price on Newmont from $63.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, July 24th. Argus cut their target price on Newmont from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, July 25th. Finally, StockNews.com initiated coverage on Newmont in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $56.05.

Newmont Stock Up 0.8 %

NEM stock opened at $36.37 on Thursday. The company’s 50 day moving average is $38.10 and its two-hundred day moving average is $40.86. The stock has a market cap of $28.91 billion, a P/E ratio of -35.31, a PEG ratio of 2.17 and a beta of 0.41. The company has a current ratio of 2.12, a quick ratio of 1.72 and a debt-to-equity ratio of 0.31. Newmont Co. has a twelve month low of $33.58 and a twelve month high of $60.08.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $3.20 billion. Newmont had a positive return on equity of 6.28% and a negative net margin of 7.35%. Research analysts expect that Newmont Co. will post 1.78 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Investors of record on Thursday, November 30th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.40%. The ex-dividend date is Wednesday, November 29th. Newmont’s dividend payout ratio (DPR) is presently -155.34%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $39.91, for a total value of $439,010.00. Following the transaction, the chief executive officer now owns 256,039 shares of the company’s stock, valued at $10,218,516.49. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, COO Robert D. Atkinson sold 5,500 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $36.47, for a total value of $200,585.00. Following the completion of the sale, the chief operating officer now owns 70,751 shares in the company, valued at approximately $2,580,288.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 11,000 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 $439,010.00. Following the completion of the transaction, the chief executive officer now owns 256,039 shares of the company’s stock, valued at approximately $10,218,516.49. The disclosure for this sale can be found here. Insiders sold a total of 50,049 shares of company stock valued at $1,901,528 in the last ninety days. Insiders own 0.07% of the company’s stock.

Newmont Company 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.