Rhumbline Advisers lowers Newmont Co shares. (NYSE:NEM)

VaselineSeptember 4, 2024

0 4 minutes read

Rhumbline Advisers trimmed its holdings in shares of Newmont Co. (NYSE:NEM – Free Report) by 1.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,025,860 shares of the basic materials company’s stock after selling 38,019 shares during the period. Rhumbline Advisers’ holdings in Newmont were worth $84,823,000 as of its most recent SEC filing.

Several other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. raised its stake in Newmont by 24.8% in the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after purchasing an additional 58,217 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Newmont by 34.1% in the fourth quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock valued at $53,009,000 after acquiring an additional 325,320 shares during the last quarter. Premier Fund Managers Ltd purchased a new stake in shares of Newmont during the fourth quarter valued at about $1,276,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Newmont during the 4th quarter valued at approximately $1,167,000. Finally, Virtu Financial LLC bought a new position in Newmont in the fourth quarter worth $3,313,000. 68.85% of shares are owned by institutional investors and hedge funds.

Newmont shares fell 2.1%

Shares of NEM stock opened at $52.27 on Wednesday. The company’s fifty-day moving average is $47.86, and its 200-day moving average is $41.75. The stock has a market cap of $60.27 billion, a PE ratio of -19.58, a price-to-earnings-growth ratio of 0.39 and a beta of 0.47. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $53.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85, and a current ratio of 2.11.

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Newmont (NYSE:NEM – Get Your Free Report ) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s revenue for the quarter was up 64.1% year over year. In the same quarter last year, the firm posted EPS of $0.33. Equities analysts expect that Newmont Co. to post 2.82 earnings per share for the current fiscal year.

Newmont announces dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a $0.25 dividend. The ex-dividend date is Thursday, September 5. This represents an annualized dividend of $1.00 and a dividend yield of 1.91%. Newmont’s dividend payout ratio is currently -37.45%.

Analysts set new price targets

Several research firms have weighed in on NEM. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. BMO Capital Markets upped their price objective on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $50.00 in a research report on Monday, June 17th . Finally, Bank of America upped their target price on shares of Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.46, based on data from MarketBeat.

Check out the latest stock analysis on NEM

Indoor activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. Insiders own 0.06% of the company’s shares.

Newmont profile

(Free Report)

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, Papua New Guinea, Ecuador, Fiji and Ghana.