Penserra Capital Management LLC Decreases Holdings in Newmont Co. (NYSE:NEM)

Posted by Defense World Staff on Feb 28th, 2023

Penserra Capital Management LLC trimmed its stake in shares of Newmont Co. (NYSE:NEM – Get Rating) by 99.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,122 shares of the basic materials company’s stock after selling 454,353 shares during the period. Penserra Capital Management LLC’s holdings in Newmont were worth $89,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in 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 in the last quarter. Sei Investments Co. raised its position in shares of Newmont by 19.3% in the first quarter. Sei Investments Co. now owns 66,212 shares of the basic materials company’s stock valued at $5,219,000 after buying an additional 10,692 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Newmont by 46.9% in the first quarter. Cetera Investment Advisers now owns 27,905 shares of the basic materials company’s stock valued at $2,217,000 after buying an additional 8,915 shares during the last quarter. Baird Financial Group Inc. raised its position in shares of Newmont by 7.2% in the first quarter. Baird Financial Group Inc. now owns 595,641 shares of the basic materials company’s stock valued at $47,324,000 after buying an additional 39,765 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of Newmont by 25.8% in the first quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock valued at $108,000 after buying an additional 278 shares during the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NEM stock opened at $43.34 on Tuesday. The company has a quick ratio of 1.89, a current ratio of 2.23 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average of $49.63 and a two-hundred day moving average of $45.84. Newmont Co. has a 1-year low of $37.45 and a 1-year high of $86.37.

Newmont (NYSE:NEM – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The basic materials company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.03). Newmont had a negative net margin of 3.60% and a positive return on equity of 6.98%. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same period in the previous year, the business posted $0.78 EPS. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. Equities analysts anticipate that Newmont Co. will post 2.45 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Thursday, March 9th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, March 8th. This represents a $1.60 annualized dividend and a dividend yield of 3.69%. Newmont’s dividend payout ratio (DPR) is -407.40%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NEM shares. BNP Paribas upgraded shares of Newmont from a “neutral” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Monday, February 13th. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.00 target price (up from $50.00) on shares of Newmont in a research report on Thursday, January 19th. National Bank Financial increased their target price on shares of Newmont from C$76.00 to C$86.00 in a research report on Friday, January 13th. Barclays raised their price objective on shares of Newmont from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, January 30th. Finally, TD Securities upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Friday. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of “Hold” and a consensus target price of $63.69.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $48.42, for a total value of $532,620.00. Following the completion of the transaction, the chief executive officer now directly owns 210,949 shares in the company, valued at $10,214,150.58. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Newmont news, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total transaction of $144,690.00. Following the completion of the transaction, the chief operating officer now owns 33,947 shares in the company, valued at approximately $1,637,263.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $48.42, for a total transaction of $532,620.00. Following the completion of the sale, the chief executive officer now directly owns 210,949 shares in the company, valued at $10,214,150.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,000 shares of company stock valued at $1,353,100. 0.11% of the stock is currently owned by company insiders.

Newmont Company Profile

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Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.