Panagora Asset Management Inc. Sells 12,906 Shares of Newmont Co. (NYSE:NEM)

Posted by Defense World Staff on Jun 10th, 2023

Panagora Asset Management Inc. cut its holdings in shares of Newmont Co. (NYSE:NEM – Get Rating) by 13.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,670 shares of the basic materials company’s stock after selling 12,906 shares during the period. Panagora Asset Management Inc.’s holdings in Newmont were worth $4,044,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN bought a new position in Newmont during the fourth quarter worth about $30,000. Romano Brothers AND Company bought a new stake in shares of Newmont in the fourth quarter valued at about $34,000. US Asset Management LLC bought a new stake in shares of Newmont in the fourth quarter valued at about $38,000. Laffer Tengler Investments bought a new stake in shares of Newmont in the first quarter valued at about $74,000. Finally, Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Newmont by 222.6% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 984 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 679 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Newmont Trading Down 1.4 %

Newmont stock opened at $41.45 on Friday. Newmont Co. has a 12 month low of $37.45 and a 12 month high of $67.47. The stock’s 50 day moving average is $46.27 and its 200-day moving average is $47.41. The company has a quick ratio of 2.00, a current ratio of 2.38 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM – Get Rating) last posted its earnings results on Thursday, April 27th. The basic materials company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.33 by $0.07. Newmont had a positive return on equity of 6.05% and a negative net margin of 4.55%. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the prior year, the business earned $0.69 earnings per share. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. As a group, sell-side analysts expect that Newmont Co. will post 2.44 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend is Wednesday, May 31st. Newmont’s payout ratio is -242.42%.

Insider Activity

In other news, COO Robert D. Atkinson sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $48.92, for a total value of $146,760.00. Following the transaction, the chief operating officer now owns 84,751 shares of the company’s stock, valued at $4,146,018.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $48.92, for a total value of $538,120.00. Following the completion of the sale, the chief executive officer now directly owns 311,039 shares in the company, valued at $15,216,027.88. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $48.92, for a total value of $146,760.00. Following the completion of the sale, the chief operating officer now owns 84,751 shares of the company’s stock, valued at $4,146,018.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,000 shares of company stock valued at $1,802,760. 0.07% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on NEM shares. BNP Paribas upgraded Newmont from a “neutral” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Monday, February 13th. Raymond James dropped their target price on Newmont from $58.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday, May 16th. National Bank Financial upped their target price on Newmont from C$91.00 to C$94.00 in a report on Tuesday, May 2nd. Citigroup dropped their target price on Newmont from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 4th. Finally, TD Securities upgraded Newmont from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Friday, February 24th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.53.

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.