PAX Financial Group LLC Acquires 355 Shares of Newmont Co. (NYSE:NEM)

PAX Financial Group LLC lifted its holdings in Newmont Co. (NYSE:NEMGet Rating) by 10.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,711 shares of the basic materials company’s stock after acquiring an additional 355 shares during the quarter. PAX Financial Group LLC’s holdings in Newmont were worth $295,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. GQG Partners LLC raised its holdings in Newmont by 126,528.2% during the 4th quarter. GQG Partners LLC now owns 11,371,214 shares of the basic materials company’s stock valued at $705,131,000 after buying an additional 11,362,234 shares during the last quarter. Norges Bank purchased a new position in Newmont during the 4th quarter valued at $489,639,000. Caisse DE Depot ET Placement DU Quebec increased its position in Newmont by 10,363.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,207,852 shares of the basic materials company’s stock valued at $136,931,000 after purchasing an additional 2,186,752 shares during the period. Invesco Ltd. increased its position in Newmont by 8.2% during the 4th quarter. Invesco Ltd. now owns 10,979,409 shares of the basic materials company’s stock valued at $680,941,000 after purchasing an additional 828,178 shares during the period. Finally, First Trust Advisors LP increased its position in Newmont by 27.5% during the 4th quarter. First Trust Advisors LP now owns 3,738,666 shares of the basic materials company’s stock valued at $231,872,000 after purchasing an additional 807,159 shares during the period. 78.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $67.64, for a total transaction of $744,040.00. Following the transaction, the chief executive officer now owns 276,949 shares in the company, valued at approximately $18,732,830.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $67.64, for a total value of $202,920.00. Following the transaction, the chief operating officer now owns 67,617 shares in the company, valued at approximately $4,573,613.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $67.64, for a total transaction of $744,040.00. Following the completion of the transaction, the chief executive officer now owns 276,949 shares in the company, valued at approximately $18,732,830.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,000 shares of company stock worth $3,028,880. Company insiders own 0.11% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $45.25 on Wednesday. Newmont Co. has a one year low of $43.90 and a one year high of $86.37. The company’s 50-day moving average is $55.37 and its 200 day moving average is $66.11. The company has a market capitalization of $35.91 billion, a price-to-earnings ratio of 46.52 and a beta of 0.26. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.44 and a current ratio of 2.82.

Newmont (NYSE:NEMGet Rating) last announced its quarterly earnings data on Monday, July 25th. The basic materials company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.24). Newmont had a net margin of 6.40% and a return on equity of 9.13%. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period last year, the company posted $0.83 earnings per share. The business’s revenue for the quarter was down .2% compared to the same quarter last year. Sell-side analysts expect that Newmont Co. will post 2.61 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 4.86%. The ex-dividend date is Wednesday, September 7th. Newmont’s dividend payout ratio is currently 222.22%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NEM shares. TD Securities reduced their price objective on shares of Newmont from $64.00 to $52.00 and set a “hold” rating on the stock in a research report on Tuesday, July 26th. Raymond James reduced their price objective on shares of Newmont from $76.00 to $71.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 26th. Fundamental Research reissued a “buy” rating and set a $79.52 price objective on shares of Newmont in a research report on Tuesday, May 10th. Canaccord Genuity Group raised shares of Newmont from a “hold” rating to a “buy” rating and reduced their target price for the stock from $66.00 to $60.00 in a research report on Wednesday, July 27th. Finally, Credit Suisse Group downgraded shares of Newmont from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 19th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $70.37.

Newmont Profile

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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, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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