ProShare Advisors LLC Increases Stock Position in Newmont Co. (NYSE:NEM)

ProShare Advisors LLC raised its holdings in shares of Newmont Co. (NYSE:NEM) by 7.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 140,656 shares of the basic materials company’s stock after acquiring an additional 9,884 shares during the period. ProShare Advisors LLC’s holdings in Newmont were worth $6,895,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NEM. Norges Bank bought a new position in Newmont during the fourth quarter valued at approximately $332,897,000. BlackRock Inc. grew its position in Newmont by 3.1% during the first quarter. BlackRock Inc. now owns 95,023,960 shares of the basic materials company’s stock valued at $4,658,075,000 after acquiring an additional 2,899,139 shares during the last quarter. Neuberger Berman Group LLC grew its position in Newmont by 43.8% during the fourth quarter. Neuberger Berman Group LLC now owns 9,394,984 shares of the basic materials company’s stock valued at $443,470,000 after acquiring an additional 2,862,233 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Newmont by 103.3% in the first 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 purchasing an additional 2,281,418 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Newmont by 87.0% in the fourth quarter. Marshall Wace LLP now owns 4,653,920 shares of the basic materials company’s stock worth $219,665,000 after purchasing an additional 2,165,084 shares during the last quarter. 79.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NEM shares. Royal Bank of Canada restated a “sector perform” rating and issued a $52.00 target price on shares of Newmont in a report on Wednesday, September 6th. Canaccord Genuity Group cut their price target on shares of Newmont from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, July 24th. Raymond James cut their price target on shares of Newmont from $62.00 to $61.00 and set an “outperform” rating on the stock in a report on Thursday, September 7th. UBS Group cut their price target on shares of Newmont from $53.00 to $42.00 and set a “neutral” rating on the stock in a report on Tuesday, August 29th. Finally, StockNews.com initiated coverage on Newmont in a research report on Thursday, August 17th. They set a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Newmont Price Performance

Shares of NYSE:NEM opened at $40.33 on Monday. Newmont Co. has a fifty-two week low of $37.45 and a fifty-two week high of $60.08. The business has a 50-day simple moving average of $40.76 and a two-hundred day simple moving average of $43.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.87 and a current ratio of 2.28. The firm has a market cap of $32.05 billion, a price-to-earnings ratio of -42.01, a price-to-earnings-growth ratio of 1.64 and a beta of 0.38.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 20th. The basic materials company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Newmont had a positive return on equity of 5.74% and a negative net margin of 6.77%. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period last year, the firm posted $0.46 EPS. Newmont’s quarterly revenue was down 12.3% compared to the same quarter last year. On average, analysts expect that Newmont Co. will post 2.04 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently declared 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. The ex-dividend date is Wednesday, September 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.97%. Newmont’s dividend payout ratio is currently -166.66%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction dated 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 directly owns 267,039 shares in the company, valued at approximately $11,258,364.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, COO Robert D. Atkinson sold 5,500 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 transaction of $219,505.00. Following the completion of the transaction, the chief operating officer now directly owns 76,251 shares in the company, valued at approximately $3,043,177.41. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $42.16, for a total value of $463,760.00. Following the transaction, the chief executive officer now owns 267,039 shares of the company’s stock, valued at $11,258,364.24. The disclosure for this sale can be found here. Insiders sold a total of 38,683 shares of company stock worth $1,600,929 in the last three months. 0.07% of the stock is currently owned by company insiders.

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.