222,350 Shares in Newmont Co. (NYSE:NEM) Acquired by Weiss Asset Management LP

Posted by Defense World Staff on Mar 17th, 2023

Weiss Asset Management LP purchased a new position in shares of Newmont Co. (NYSE:NEM – Get Rating) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 222,350 shares of the basic materials company’s stock, valued at approximately $9,345,000.

Other hedge funds have also added to or reduced their stakes in the company. Janiczek Wealth Management LLC lifted its holdings in Newmont by 310.0% during the 3rd quarter. Janiczek Wealth Management LLC now owns 3,206 shares of the basic materials company’s stock worth $136,000 after purchasing an additional 2,424 shares during the last quarter. Stephens Inc. AR lifted its holdings in Newmont by 73.2% during the 3rd quarter. Stephens Inc. AR now owns 57,409 shares of the basic materials company’s stock worth $2,413,000 after purchasing an additional 24,254 shares during the last quarter. S.A. Mason LLC bought a new position in Newmont during the 3rd quarter worth $55,000. Ieq Capital LLC increased its stake in Newmont by 39.9% during the 3rd quarter. Ieq Capital LLC now owns 17,179 shares of the basic materials company’s stock worth $722,000 after acquiring an additional 4,896 shares during the period. Finally, Guardian Wealth Advisors LLC bought a new position in Newmont during the 3rd quarter worth $56,000. 77.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of recent research reports. Raymond James lowered their price objective on Newmont from $61.00 to $56.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. StockNews.com initiated coverage on Newmont in a research note on Thursday. They set a “hold” rating on the stock. Barclays raised their price objective on Newmont from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. TD Securities upgraded Newmont from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Friday, February 24th. Finally, Fundamental Research set a $51.92 price target on Newmont and gave the company a “buy” rating in a research note on Tuesday, March 7th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $62.21.

Newmont Stock Performance

Shares of NEM stock opened at $45.78 on Friday. Newmont Co. has a twelve month low of $37.45 and a twelve month high of $86.37. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.89 and a current ratio of 2.23. The stock’s fifty day simple moving average is $48.48 and its 200 day simple moving average is $45.74.

Newmont (NYSE:NEM – Get Rating) last issued its quarterly earnings data on Thursday, February 23rd. The basic materials company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.03). The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.10 billion. Newmont had a positive return on equity of 6.98% and a negative net margin of 3.60%. The company’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 EPS. On average, sell-side analysts predict that Newmont Co. will post 2.24 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Thursday, March 9th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.49%. The ex-dividend date is Wednesday, March 8th. Newmont’s payout ratio is presently -296.29%.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $44.25, for a total transaction of $486,750.00. Following the transaction, the chief executive officer now directly owns 322,039 shares of the company’s stock, valued at approximately $14,250,225.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $44.25, for a total transaction of $486,750.00. Following the transaction, the chief executive officer now directly owns 322,039 shares of the company’s stock, valued at approximately $14,250,225.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $44.25, for a total value of $132,750.00. Following the completion of the transaction, the chief operating officer now directly owns 87,751 shares in the company, valued at $3,882,981.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,000 shares of company stock valued at $1,294,720. 0.11% of the stock is currently owned by company insiders.

Newmont 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.