IFM Investors Pty Ltd boosted its stake in Newmont Co. (NYSE:NEM – Get Rating) by 3.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,306 shares of the basic materials company’s stock after purchasing an additional 4,694 shares during the quarter. IFM Investors Pty Ltd’s holdings in Newmont were worth $7,835,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in NEM. Lloyd Advisory Services LLC. acquired a new stake in shares of Newmont in the 1st quarter valued at approximately $28,000. Central Bank & Trust Co. acquired a new stake in Newmont in the first quarter worth $29,000. Pacific Center for Financial Services bought a new position in shares of Newmont during the first quarter worth $30,000. Vectors Research Management LLC bought a new stake in shares of Newmont in the 4th quarter valued at $25,000. Finally, Riverview Trust Co acquired a new stake in Newmont during the 1st quarter worth $38,000. Institutional investors and hedge funds own 81.11% of the company’s stock.
Insiders Place Their Bets
In other news, COO Robert D. Atkinson sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $59.43, for a total value of $178,290.00. Following the transaction, the chief operating officer now owns 64,617 shares of the company’s stock, valued at $3,840,188.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Newmont news, CFO Nancy Buese sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $61.50, for a total value of $615,000.00. Following the completion of the sale, the chief financial officer now owns 39,530 shares of the company’s stock, valued at approximately $2,431,095. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $59.43, for a total value of $178,290.00. Following the completion of the sale, the chief operating officer now owns 64,617 shares of the company’s stock, valued at $3,840,188.31. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $2,081,920 over the last three months. Insiders own 0.11% of the company’s stock.
Newmont Stock Performance
Newmont (NYSE:NEM – Get Rating) last released its quarterly earnings data on Monday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.14). Newmont had a net margin of 6.40% and a return on equity of 9.13%. The business had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same period in the previous year, the business earned $0.83 earnings per share. The business’s quarterly revenue was down .2% on a year-over-year basis. As a group, equities analysts forecast that Newmont Co. will post 2.61 earnings per share for the current year.
Newmont Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were issued a $0.55 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.20 annualized dividend and a yield of 5.18%. Newmont’s dividend payout ratio is currently 222.22%.
Analysts Set New Price Targets
Several brokerages have issued reports on NEM. Barclays lowered their price target on Newmont from $58.00 to $57.00 and set an “equal weight” rating for the company in a report on Friday, September 16th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, September 6th. Canaccord Genuity Group raised shares of Newmont from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $66.00 to $60.00 in a research report on Wednesday, July 27th. Fundamental Research cut their price objective on shares of Newmont from $79.52 to $63.91 and set a “buy” rating on the stock in a research report on Tuesday, August 9th. Finally, Canaccord Genuity Group upgraded Newmont from a “hold” rating to a “buy” rating and lowered their target price for the stock from $66.00 to $60.00 in a report on Wednesday, July 27th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $66.94.
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, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.
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