Pallas Capital Advisors LLC Invests $290,000 in Newmont Corporation $NEM

Key Points

• Pallas Capital Advisors LLC acquired a new stake in Newmont Corporation (NYSE:NEM), purchasing 4,975 shares valued at approximately $290,000 in the second quarter of 2023.
• Institutional investors control 68.85% of Newmont's stock, highlighting a strong interest in the company, with multiple large investments reported in recent quarters.
• Newmont recently announced a quarterly dividend of $0.25 per share, reflecting a 1.2% yield and a payout ratio of 17.95%.

Pallas Capital Advisors LLC acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,975 shares of the basic materials company's stock, valued at approximately $290,000.

Several other institutional investors have also bought and sold shares of the stock. Aaron Wealth Advisors LLC lifted its holdings in Newmont by 4.4% in the second quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock worth $260,000 after purchasing an additional 190 shares during the period. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in Newmont in the second quarter worth about $2,447,000. Balefire LLC lifted its holdings in Newmont by 4.8% in the second quarter. Balefire LLC now owns 8,663 shares of the basic materials company's stock worth $505,000 after purchasing an additional 398 shares during the period. New England Research & Management Inc. acquired a new stake in Newmont in the second quarter worth about $463,000. Finally, Czech National Bank lifted its holdings in Newmont by 4.0% in the second quarter. Czech National Bank now owns 272,032 shares of the basic materials company's stock worth $15,849,000 after purchasing an additional 10,548 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Trading Up 2.5%

Shares of NEM stock traded up $2.02 during trading hours on Monday, reaching $83.74. 14,015,439 shares of the stock traded hands, compared to its average volume of 11,060,405. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $83.89. The business has a fifty day moving average price of $69.47 and a 200 day moving average price of $58.52. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $91.98 billion, a PE ratio of 16.71, a PEG ratio of 0.96 and a beta of 0.33.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The firm's revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont's payout ratio is presently 17.95%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Raymond James Financial upped their price target on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Stifel Nicolaus assumed coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target for the company. UBS Group upped their price target on shares of Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a report on Friday. Macquarie downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Finally, Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $66.00 to $95.00 in a report on Wednesday, September 10th. Four analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $72.31.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director directly owned 38,949 shares of the company's stock, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,246 shares of company stock valued at $1,253,559. Corporate insiders own 0.05% of the company's stock.

Newmont Company Profile

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, Papua New Guinea, Ecuador, Fiji, and Ghana.