Great West Life Assurance Co. Can Cuts Stock Holdings in Newmont Co. (NYSE:NEM)

Great West Life Assurance Co. Can lowered its position in shares of Newmont Co. (NYSE:NEM) by 37.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 882,824 shares of the basic materials company’s stock after selling 531,912 shares during the quarter. Great West Life Assurance Co. Can owned 0.11% of Newmont worth $37,876,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of NEM. Blair William & Co. IL lifted its holdings in Newmont by 14.8% during the first quarter. Blair William & Co. IL now owns 42,511 shares of the basic materials company’s stock valued at $3,378,000 after purchasing an additional 5,484 shares during the last quarter. Sei Investments Co. grew its stake in Newmont by 19.3% in the 1st quarter. Sei Investments Co. now owns 66,212 shares of the basic materials company’s stock worth $5,219,000 after buying an additional 10,692 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Newmont by 46.9% in the 1st quarter. Cetera Investment Advisers now owns 27,905 shares of the basic materials company’s stock worth $2,217,000 after buying an additional 8,915 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Newmont by 7.2% during the 1st quarter. Baird Financial Group Inc. now owns 595,641 shares of the basic materials company’s stock worth $47,324,000 after acquiring an additional 39,765 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Newmont by 25.8% in the first quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 79.53% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of several research analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $58.00 price target (down previously from $65.00) on shares of Newmont in a research note on Tuesday, November 7th. StockNews.com initiated coverage on Newmont in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Jefferies Financial Group lowered their price objective on shares of Newmont from $44.00 to $38.00 and set a “hold” rating for the company in a report on Wednesday, October 4th. Argus reduced their target price on shares of Newmont from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, July 25th. Finally, Raymond James lowered their price target on shares of Newmont from $59.00 to $57.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average price target of $55.44.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $39.91, for a total value of $439,010.00. Following the sale, the chief executive officer now owns 256,039 shares in the company, valued at $10,218,516.49. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction on Friday, September 1st. The stock was sold at an average price of $39.91, for a total transaction of $439,010.00. Following the completion of the transaction, the chief executive officer now owns 256,039 shares in the company, valued at $10,218,516.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Robert D. Atkinson sold 5,500 shares of the stock in a transaction on Monday, October 2nd. The stock was 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 directly owns 70,751 shares in the company, valued at $2,580,288.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,049 shares of company stock valued at $1,901,528. 0.07% of the stock is currently owned by company insiders.

Newmont Stock Up 0.6 %

Shares of Newmont stock opened at $36.56 on Tuesday. The company’s fifty day simple moving average is $37.97 and its two-hundred day simple moving average is $40.57. The company has a market cap of $29.06 billion, a P/E ratio of -35.50, a PEG ratio of 2.40 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 12-month low of $33.58 and a 12-month high of $60.08.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, October 26th. The basic materials company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). Newmont had a positive return on equity of 6.28% and a negative net margin of 7.35%. The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $3.20 billion. Research analysts anticipate that Newmont Co. will post 1.71 EPS for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 22nd. Shareholders of record on Thursday, November 30th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.60 dividend on an annualized basis and a yield of 4.38%. Newmont’s dividend payout ratio (DPR) is -155.34%.

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.