Russell Investments Group Ltd. Buys 616,159 Shares of Newmont Co. (NYSE:NEM)

Russell Investments Group Ltd. raised its stake in Newmont Co. (NYSE:NEM) by 43.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,030,700 shares of the basic materials company’s stock after acquiring an additional 616,159 shares during the period. Russell Investments Group Ltd. owned about 0.26% of Newmont worth $86,176,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of NEM. Bank of Hawaii lifted its holdings in Newmont by 1.7% during the 2nd quarter. Bank of Hawaii now owns 29,593 shares of the basic materials company’s stock valued at $1,262,000 after purchasing an additional 492 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in shares of Newmont by 2.0% in the 2nd quarter. Moors & Cabot Inc. now owns 59,347 shares of the basic materials company’s stock worth $2,532,000 after acquiring an additional 1,178 shares in the last quarter. Nwam LLC grew its position in Newmont by 59.6% during the 2nd quarter. Nwam LLC now owns 73,966 shares of the basic materials company’s stock worth $3,155,000 after acquiring an additional 27,629 shares during the last quarter. Cetera Advisor Networks LLC increased its holdings in Newmont by 5.7% during the 2nd quarter. Cetera Advisor Networks LLC now owns 111,856 shares of the basic materials company’s stock valued at $4,772,000 after purchasing an additional 6,079 shares in the last quarter. Finally, Wintrust Investments LLC increased its stake in shares of Newmont by 5.9% in the second quarter. Wintrust Investments LLC now owns 31,297 shares of the basic materials company’s stock valued at $1,335,000 after buying an additional 1,738 shares in the last quarter. 79.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NEM shares. BMO Capital Markets reiterated an “outperform” rating and set a $58.00 target price (down from $65.00) on shares of Newmont in a research report on Tuesday, November 7th. StockNews.com began coverage on Newmont in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Argus cut their price target on Newmont from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, July 25th. TD Securities lowered their price objective on Newmont from $55.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, October 30th. Finally, Raymond James reduced their price objective on shares of Newmont from $59.00 to $57.00 and set an “outperform” rating on the stock in a research note on Friday, October 27th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.05.

Insider Activity

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

Newmont Stock Up 0.5 %

Shares of NEM stock opened at $36.56 on Friday. The company has a market capitalization of $29.06 billion, a price-to-earnings ratio of -35.50, a P/E/G ratio of 2.31 and a beta of 0.41. Newmont Co. has a 12-month low of $33.58 and a 12-month high of $60.08. The firm has a fifty day moving average of $38.07 and a 200-day moving average of $40.83. The company has a quick ratio of 1.72, a current ratio of 2.12 and a debt-to-equity ratio of 0.31.

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 the consensus estimate of $0.42 by ($0.06). The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $3.20 billion. Newmont had a negative net margin of 7.35% and a positive return on equity of 6.28%. As a group, equities research analysts predict that Newmont Co. will post 1.78 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.60 annualized dividend and a dividend yield of 4.38%. Newmont’s dividend payout ratio is currently -155.34%.

About Newmont

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.