KG&L Capital Management LLC reduced its stake in Newmont Co. (New York Stock Exchange: NEM – Get a rating) by 27.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor held 5,539 shares of the basic materials company after selling 2,130 shares during the quarter. KG&L Capital Management LLC’s holdings in Newmont were worth $440,000 at the end of the most recent reporting period.
Several other hedge funds have also recently changed their holdings in NEM. Vectors Research Management LLC bought a new position in Newmont stock in the fourth quarter worth $25,000. Rational Advisors LLC increased its holdings of Newmont stock by 133.7% in the fourth quarter. Rational Advisors LLC now owns 416 shares of the basic materials company worth $26,000 after buying 238 more shares in the last quarter. Central Bank & Trust Co. bought a new position in Newmont stock in the first quarter worth $29,000. Riverview Trust Co bought a new position in Newmont stock in the first quarter worth $38,000. Finally, Quent Capital LLC bought a new position in Newmont stock in the fourth quarter worth $40,000. Hedge funds and other institutional investors hold 78.41% of the company’s shares.
Newmont trades down 0.3%
NMS stock opened at $54.65 on Wednesday. The company’s fifty-day simple moving average is $63.77 and its two-hundred-day simple moving average is $68.21. The company has a quick ratio of 2.53, a current ratio of 2.92 and a leverage ratio of 0.28. The stock has a market capitalization of $43.37 billion, a price-earnings ratio of 41.72 and a beta of 0.43. Newmont Co. has a 12-month low of $52.60 and a 12-month high of $86.37.
Newmont (New York Stock Exchange: NEM – Get a rating) last released its quarterly results on Friday, April 22. The basic materials company reported EPS of $0.69 for the quarter, missing analyst consensus estimates of $0.71 per ($0.02). The company posted revenue of $3.02 billion in the quarter, versus a consensus estimate of $3.06 billion. Newmont had a return on equity of 10.24% and a net margin of 8.53%. The company’s revenue for the quarter increased 5.3% year over year. In the same quarter a year earlier, the company posted earnings per share of $0.74. As a group, analysts expect Newmont Co. to post earnings per share of 3.27 for the current year.
Newmont Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 16. Shareholders of record on Thursday, June 2 received a dividend of $0.55. This represents a dividend of $2.20 on an annualized basis and a dividend yield of 4.03%. The ex-dividend date was Wednesday, June 1. Newmont’s payout ratio is currently 167.94%.
Insider Trading at Newmont
In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the company in a trade dated Friday, July 1. The shares were sold at an average price of $59.43, for a total value of $653,730.00. As a result of the transaction, the CEO now directly owns 265,949 shares of the company, valued at $15,805,349.07. The transaction was disclosed in an SEC filing, available at the SEC website. In other news from Newmont, CEO Thomas Ronald Palmer sold 11,000 shares in a trade dated Friday, July 1. The shares were sold at an average price of $59.43, for a total transaction of $653,730.00. As a result of the transaction, the CEO now directly owns 265,949 shares of the company, valued at approximately $15,805,349.07. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. Also, COO Robert D. Atkinson sold 3,000 shares in a transaction dated Friday, July 1. The stock was sold at an average price of $59.43, for a total transaction of $178,290.00. Following the transaction, the chief operating officer now owns 64,617 shares of the company, valued at $3,840,188.31. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 56,000 shares of the company worth $3,657,300. Insiders hold 0.11% of the company’s shares.
Analyst upgrades and downgrades
NEM has been the subject of a number of recent research reports. StockNews.com launched a hedge on Newmont shares in a research note on Thursday, March 31. They have placed a “holding” rating on the stock. Sanford C. Bernstein downgraded Newmont’s stock from an “outperform” rating to a “market performer” rating and set a price target of $57.00 for the stock. in a Monday April 25 research note. Fundamental Research reaffirmed a “buy” rating and set a price target of $79.52 on Newmont shares in a Tuesday, May 10 research note. TD Securities cut its price target on Newmont shares from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Monday, April 25. Finally, Canaccord Genuity Group reduced its price target on Newmont shares from $87.00 to $80.00 in a Tuesday, April 26 research note. Fifteen research analysts gave the stock a hold rating and three gave the company a buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $75.49.
Newmont Corporation is engaged in the production and exploration of gold. He also explores 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 a land position of 62,800 square kilometers.
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