Independent Advisor Alliance Buys 1,899 Shares of Newmont Co. (NYSE:NEM)

Independent Advisor Alliance lifted its holdings in shares of Newmont Co. (NYSE:NEMGet Rating) by 30.9% in the 1st quarter, HoldingsChannel reports. The fund owned 8,048 shares of the basic materials company’s stock after purchasing an additional 1,899 shares during the period. Independent Advisor Alliance’s holdings in Newmont were worth $639,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cerity Partners LLC increased its position in shares of Newmont by 229.4% during the first quarter. Cerity Partners LLC now owns 16,087 shares of the basic materials company’s stock worth $1,028,000 after acquiring an additional 11,204 shares in the last quarter. Vident Investment Advisory LLC increased its position in shares of Newmont by 11.9% during the fourth quarter. Vident Investment Advisory LLC now owns 66,689 shares of the basic materials company’s stock worth $4,136,000 after acquiring an additional 7,073 shares in the last quarter. Comerica Bank increased its position in shares of Newmont by 1.7% during the first quarter. Comerica Bank now owns 132,896 shares of the basic materials company’s stock worth $10,976,000 after acquiring an additional 2,208 shares in the last quarter. AlphaCrest Capital Management LLC grew its position in Newmont by 353.3% in the 4th quarter. AlphaCrest Capital Management LLC now owns 18,204 shares of the basic materials company’s stock worth $1,129,000 after purchasing an additional 14,188 shares in the last quarter. Finally, Empirical Finance LLC grew its position in Newmont by 12.7% in the 1st quarter. Empirical Finance LLC now owns 14,996 shares of the basic materials company’s stock worth $1,191,000 after purchasing an additional 1,689 shares in the last quarter. 78.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Raymond James reduced their price objective on shares of Newmont from $76.00 to $71.00 and set an “outperform” rating for the company in a research report on Tuesday, July 26th. Barclays reduced their price objective on shares of Newmont from $68.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 19th. Fundamental Research reaffirmed a “buy” rating and issued a $79.52 price objective on shares of Newmont in a research report on Tuesday, May 10th. Sanford C. Bernstein cut shares of Newmont from an “outperform” rating to a “market perform” rating and set a $57.00 target price on the stock. in a research note on Monday, April 25th. Finally, National Bankshares dropped their target price on shares of Newmont from $119.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 26th. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $70.37.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $45.35, for a total value of $498,850.00. Following the sale, the chief executive officer now directly owns 254,949 shares in the company, valued at approximately $11,561,937.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Stephen P. Gottesfeld sold 4,000 shares of the stock in a transaction on Thursday, May 12th. The shares were sold at an average price of $66.63, for a total value of $266,520.00. Following the transaction, the executive vice president now owns 87,753 shares of the company’s stock, valued at approximately $5,846,982.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $45.35, for a total transaction of $498,850.00. Following the completion of the transaction, the chief executive officer now directly owns 254,949 shares in the company, valued at approximately $11,561,937.15. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock worth $3,295,400 in the last three months. 0.11% of the stock is currently owned by corporate insiders.

Newmont Stock Performance

Shares of NEM stock opened at $44.77 on Friday. The stock has a market capitalization of $35.53 billion, a P/E ratio of 45.22 and a beta of 0.26. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt-to-equity ratio of 0.28. The firm’s 50 day moving average is $58.51 and its 200 day moving average is $66.91. Newmont Co. has a 12 month low of $43.90 and a 12 month high of $86.37.

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

Newmont Dividend Announcement

The company 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 $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 4.91%. The ex-dividend date is Wednesday, September 7th. Newmont’s dividend payout ratio is presently 222.22%.

Newmont 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.

Further Reading

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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