Newmont Co. (NYSE:NEM) Shares Bought by Prelude Capital Management LLC

Posted by on Mar 14th, 2023

Prelude Capital Management LLC grew its stake in shares of Newmont Co. (NYSE:NEM – Get Rating) by 131.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,204 shares of the basic materials company’s stock after acquiring an additional 4,664 shares during the period. Prelude Capital Management LLC’s holdings in Newmont were worth $345,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Blair William & Co. IL grew its stake in Newmont by 14.8% in the 1st quarter. Blair William & Co. IL now owns 42,511 shares of the basic materials company’s stock worth $3,378,000 after acquiring an additional 5,484 shares during the period. Sei Investments Co. boosted its position in Newmont by 19.3% during the 1st quarter. Sei Investments Co. now owns 66,212 shares of the basic materials company’s stock worth $5,219,000 after purchasing an additional 10,692 shares during the period. Cetera Investment Advisers boosted its position in Newmont by 46.9% during the 1st quarter. Cetera Investment Advisers now owns 27,905 shares of the basic materials company’s stock worth $2,217,000 after purchasing an additional 8,915 shares during the period. Baird Financial Group Inc. lifted its holdings in Newmont by 7.2% in the 1st quarter. Baird Financial Group Inc. now owns 595,641 shares of the basic materials company’s stock worth $47,324,000 after buying an additional 39,765 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its holdings in Newmont by 25.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock worth $108,000 after buying an additional 278 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total value of $530,530.00. Following the completion of the transaction, the chief executive officer now directly owns 199,949 shares in the company, valued at $9,643,540.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total value of $530,530.00. Following the completion of the transaction, the chief executive officer now directly owns 199,949 shares in the company, valued at $9,643,540.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $44.25, for a total transaction of $132,750.00. Following the completion of the transaction, the chief operating officer now owns 87,751 shares of the company’s stock, valued at $3,882,981.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,000 shares of company stock worth $1,294,720. Insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays upped their target price on shares of Newmont from $54.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, January 30th. TD Securities upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Friday, February 24th. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and cut their target price for the company from $59.00 to $53.00 in a research note on Tuesday, February 14th. Raymond James cut their target price on shares of Newmont from $61.00 to $56.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Finally, Canaccord Genuity Group upgraded shares of Newmont from a “hold” rating to a “buy” rating and upped their target price for the company from $53.00 to $55.00 in a research note on Monday. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.21.

Newmont Price Performance

NYSE NEM opened at $45.12 on Tuesday. Newmont Co. has a 52 week low of $37.45 and a 52 week high of $86.37. The company has a current ratio of 2.23, a quick ratio of 1.89 and a debt-to-equity ratio of 0.31. The stock has a market cap of $35.82 billion, a price-to-earnings ratio of -83.55, a price-to-earnings-growth ratio of 1.58 and a beta of 0.31. The company has a 50-day moving average price of $48.80 and a two-hundred day moving average price of $45.73.

Newmont (NYSE:NEM – Get Rating) last posted its earnings results 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 positive return on equity of 6.98% and a negative net margin of 3.60%. The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the company posted $0.78 EPS. Newmont’s revenue for the quarter was down 5.6% on a year-over-year basis. Analysts forecast that Newmont Co. will post 2.3 EPS for the current year.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Thursday, March 9th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.55%. The ex-dividend date is Wednesday, March 8th. Newmont’s dividend payout ratio (DPR) is -296.29%.

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.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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