Strs Ohio Purchases Shares of 358,950 Newmont Corporation $NEM

Key Points

• Strs Ohio has acquired a significant stake in Newmont Corporation, purchasing 358,950 shares valued at approximately $17.33 million during the first quarter of 2023.
• Multiple analysts have raised their ratings and price targets for Newmont, with the stock having an average rating of "Moderate Buy" and a consensus target price of $67.38.
• Newmont recently reported earnings of $1.43 EPS for the last quarter, exceeding expectations, and announced a quarterly dividend of $0.25, leading to an annual yield of 1.3%.

Strs Ohio purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 358,950 shares of the basic materials company's stock, valued at approximately $17,330,000.

Other institutional investors and hedge funds have also modified their holdings of the company. SOA Wealth Advisors LLC. lifted its stake in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Newmont during the first quarter valued at approximately $26,000. Colonial Trust Advisors lifted its stake in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after buying an additional 429 shares during the period. Private Trust Co. NA lifted its stake in shares of Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares during the period. Finally, Nexus Investment Management ULC purchased a new position in shares of Newmont during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Scotiabank upped their price target on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. UBS Group upped their price target on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Finally, Macquarie lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $67.38.

Newmont Price Performance

Newmont stock opened at $79.25 on Friday. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $80.07. The firm has a fifty day moving average of $67.46 and a 200-day moving average of $57.05. The firm has a market capitalization of $87.05 billion, a P/E ratio of 14.23, a PEG ratio of 0.96 and a beta of 0.34. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

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

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Newmont's dividend payout ratio is presently 17.95%.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the sale, the director owned 38,949 shares of the company's stock, valued at $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,246 shares of company stock valued at $1,253,559 over the last 90 days. Corporate insiders own 0.05% of the company's stock.

Newmont 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.

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