Newmont Co. (NYSE:NEM) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its position in shares of Newmont Co. (NYSE:NEM) by 17.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 300,590 shares of the basic materials company’s stock after buying an additional 45,477 shares during the period. Envestnet Asset Management Inc.’s holdings in Newmont were worth $14,735,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Newmont in the 4th quarter valued at about $332,897,000. Neuberger Berman Group LLC increased its stake in Newmont by 43.8% during the 4th quarter. Neuberger Berman Group LLC now owns 9,394,984 shares of the basic materials company’s stock worth $443,470,000 after buying an additional 2,862,233 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Newmont by 103.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock worth $356,749,000 after buying an additional 2,281,418 shares in the last quarter. Marshall Wace LLP boosted its position in Newmont by 87.0% in the 4th quarter. Marshall Wace LLP now owns 4,653,920 shares of the basic materials company’s stock valued at $219,665,000 after buying an additional 2,165,084 shares during the period. Finally, Capital World Investors grew its stake in shares of Newmont by 70.6% in the first quarter. Capital World Investors now owns 4,305,094 shares of the basic materials company’s stock worth $342,040,000 after acquiring an additional 1,781,294 shares in the last quarter. 79.53% of the stock is owned by institutional investors and hedge funds.

Newmont Trading Down 0.3 %

Shares of NYSE NEM opened at $39.32 on Monday. The company has a current ratio of 2.28, a quick ratio of 1.87 and a debt-to-equity ratio of 0.31. The stock has a 50 day moving average of $41.41 and a two-hundred day moving average of $44.13. Newmont Co. has a twelve month low of $37.45 and a twelve month high of $60.08.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 earnings per share. On average, research analysts expect that Newmont Co. will post 2.09 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Wednesday, September 6th. Newmont’s dividend payout ratio is presently -166.66%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $42.16, for a total transaction of $463,760.00. Following the completion of the sale, the chief executive officer now owns 267,039 shares in the company, valued at $11,258,364.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. UBS Group decreased their target price on Newmont from $53.00 to $42.00 and set a “neutral” rating for the company in a report on Tuesday, August 29th. Canaccord Genuity Group cut their target price on shares of Newmont from $63.00 to $57.00 and set a “buy” rating on the stock in a research note on Monday, July 24th. Raymond James reduced their target price on shares of Newmont from $64.00 to $62.00 and set an “outperform” rating on the stock in a report on Friday, July 21st. Barclays raised shares of Newmont from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $62.00 to $61.00 in a research report on Friday, July 7th. Finally, StockNews.com started coverage on shares of Newmont in a research report on Thursday, August 17th. They set a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.46.

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.