Syon Capital LLC Takes Position in Newmont Corporation $NEM

Key Points

• Syon Capital LLC bought 8,070 Newmont shares during the second quarter, valued at approximately $169,000. Institutional investors collectively own 68.85% of the company.
• Analysts maintain a generally positive outlook, with Newmont holding a consensus “Moderate Buy” rating and an average price target of $132.11, despite several recent target reductions.
• Newmont reported quarterly EPS of $2.10, beating estimates, and announced a quarterly dividend of $0.26 per share, equivalent to a 0.8% annualized yield.

Syon Capital LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 8,070 shares of the basic materials company's stock, valued at approximately $169,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,847 shares during the period. Woodline Partners LP raised its holdings in Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock worth $4,644,000 after purchasing an additional 27,813 shares during the period. Sivia Capital Partners LLC purchased a new position in Newmont during the second quarter worth approximately $240,000. Cerity Partners LLC boosted its position in Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock worth $7,303,000 after purchasing an additional 65,342 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock valued at $2,854,000 after purchasing an additional 3,856 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Jefferies Financial Group cut their price objective on Newmont from $158.00 to $146.00 and set a "buy" rating for the company in a research report on Monday, July 6th. Argus set a $110.00 price target on shares of Newmont in a research note on Monday, August 3rd. Royal Bank Of Canada cut their price target on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Canaccord Genuity Group reduced their price objective on shares of Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $140.00 price objective on shares of Newmont in a report on Monday, August 24th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and an average target price of $132.11.

Insider Transactions at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $477,486.00. Following the completion of the sale, the chief executive officer directly owned 131,353 shares in the company, valued at $16,156,419. This represents a 2.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 32,091 shares of company stock valued at $3,414,187 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Performance

NYSE NEM opened at $126.05 on Friday. The company has a market cap of $132.82 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.81 and a beta of 0.52. The stock's 50 day simple moving average is $109.82 and its 200-day simple moving average is $109.72. Newmont Corporation has a 1-year low of $76.05 and a 1-year high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion during the quarter, compared to analysts' expectations of $6.35 billion. During the same period in the previous year, the business earned $1.43 earnings per share. As a group, equities research analysts anticipate that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont's payout ratio is 13.13%.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

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