Strs Ohio reduced its stake in shares of Newmont Co. (NYSE:NEM – Free Report) by 8.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 301,246 shares of the basic materials company’s stock after selling 27,024 shares during the quarter. Strs Ohio’s holdings in Newmont were worth $14,767,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of NEM. Compass Wealth Management LLC purchased a new position in Newmont during the fourth quarter valued at approximately $25,000. Householder Group Estate & Retirement Specialist LLC purchased a new position in Newmont during the first quarter valued at approximately $26,000. Delta Asset Management LLC TN purchased a new position in Newmont during the fourth quarter valued at approximately $30,000. Caldwell Sutter Capital Inc. purchased a new position in Newmont during the first quarter valued at approximately $30,000. Finally, Romano Brothers AND Company purchased a new stake in shares of Newmont in the fourth quarter valued at approximately $34,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, COO Robert D. Atkinson sold 3,000 shares of the company’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $47.76, for a total value of $143,280.00. Following the transaction, the chief operating officer now owns 81,751 shares of the company’s stock, valued at approximately $3,904,427.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $47.76, for a total transaction of $525,360.00. Following the transaction, the chief executive officer now owns 300,039 shares of the company’s stock, valued at approximately $14,329,862.64. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $47.76, for a total value of $143,280.00. Following the transaction, the chief operating officer now directly owns 81,751 shares in the company, valued at approximately $3,904,427.76. The disclosure for this sale can be found here. Insiders have sold a total of 36,000 shares of company stock valued at $1,589,230 in the last quarter. Insiders own 0.07% of the company’s stock.
Newmont Stock Performance
Newmont (NYSE:NEM – Get Free Report) last released its quarterly earnings data on Thursday, April 27th. The basic materials company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.07. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.70 billion. Newmont had a positive return on equity of 6.05% and a negative net margin of 4.55%. The firm’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 earnings per share. Equities analysts forecast that Newmont Co. will post 2.33 earnings per share for the current fiscal year.
Newmont Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.56%. The ex-dividend date was Wednesday, May 31st. Newmont’s dividend payout ratio (DPR) is presently -242.42%.
Wall Street Analyst Weigh In
NEM has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on Newmont in a research report on Thursday, May 18th. They issued a “hold” rating for the company. The Goldman Sachs Group boosted their price objective on Newmont from $58.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, April 21st. Citigroup cut their price objective on Newmont from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, April 4th. National Bank Financial boosted their price objective on Newmont from C$91.00 to C$94.00 in a research report on Tuesday, May 2nd. Finally, Barclays upgraded Newmont from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $62.00 to $61.00 in a research report on Friday, July 7th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $60.49.
About Newmont
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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.
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