Franklin Resources Inc. Grows Position in Newmont Co. (NYSE:NEM)

Franklin Resources Inc. raised its holdings in shares of Newmont Co. (NYSE:NEMGet Rating) by 39.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,115,617 shares of the basic materials company’s stock after buying an additional 603,099 shares during the quarter. Franklin Resources Inc. owned about 0.27% of Newmont worth $126,240,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Rhumbline Advisers increased its stake in Newmont by 3.4% during the second quarter. Rhumbline Advisers now owns 1,366,810 shares of the basic materials company’s stock worth $81,558,000 after purchasing an additional 45,247 shares during the period. AlphaCrest Capital Management LLC lifted its holdings in shares of Newmont by 466.4% during the second quarter. AlphaCrest Capital Management LLC now owns 154,846 shares of the basic materials company’s stock worth $9,240,000 after purchasing an additional 127,506 shares during the period. Cetera Advisors LLC lifted its holdings in shares of Newmont by 63.7% during the second quarter. Cetera Advisors LLC now owns 42,958 shares of the basic materials company’s stock worth $2,563,000 after purchasing an additional 16,719 shares during the period. Checchi Capital Advisers LLC lifted its holdings in shares of Newmont by 9.9% during the second quarter. Checchi Capital Advisers LLC now owns 6,391 shares of the basic materials company’s stock worth $289,000 after purchasing an additional 576 shares during the period. Finally, King Luther Capital Management Corp lifted its holdings in shares of Newmont by 10.9% during the second quarter. King Luther Capital Management Corp now owns 1,603,861 shares of the basic materials company’s stock worth $95,702,000 after purchasing an additional 157,132 shares during the period. Hedge funds and other institutional investors own 81.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NEM. TheStreet downgraded Newmont from a “b-” rating to a “c+” rating in a report on Thursday, September 22nd. Barclays reduced their target price on Newmont from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday. Fundamental Research reissued a “buy” rating and issued a $52.00 target price (down previously from $63.91) on shares of Newmont in a report on Tuesday, November 15th. Canaccord Genuity Group raised Newmont from a “hold” rating to a “buy” rating and reduced their target price for the company from $66.00 to $60.00 in a report on Wednesday, July 27th. Finally, UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, September 6th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.33.

Insiders Place Their Bets

In other Newmont news, insider Mark Casper sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $41.98, for a total value of $205,282.20. Following the sale, the insider now directly owns 18,217 shares of the company’s stock, valued at approximately $764,749.66. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Mark Casper sold 4,890 shares of Newmont stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $41.98, for a total value of $205,282.20. Following the transaction, the insider now directly owns 18,217 shares of the company’s stock, valued at approximately $764,749.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $43.02, for a total value of $129,060.00. Following the completion of the transaction, the chief operating officer now directly owns 39,947 shares in the company, valued at $1,718,519.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,890 shares of company stock valued at $1,405,502. Insiders own 0.11% of the company’s stock.

Newmont Trading Up 0.3 %

Newmont stock opened at $46.25 on Thursday. The stock has a market cap of $36.71 billion, a PE ratio of 36.71 and a beta of 0.25. The stock has a 50-day moving average price of $42.81 and a 200 day moving average price of $51.09. 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 2.72, a quick ratio of 2.29 and a debt-to-equity ratio of 0.28.

Newmont (NYSE:NEMGet Rating) last issued its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). Newmont had a return on equity of 8.07% and a net margin of 8.28%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Equities research analysts predict that Newmont Co. will post 1.9 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend is Wednesday, December 7th. Newmont’s payout ratio is 174.60%.

Newmont Company Profile

(Get Rating)

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.

See Also

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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