Jacobi Capital Management LLC Decreases Stock Position in Newmont Co. (NYSE:NEM)

Jacobi Capital Management LLC lessened its stake in Newmont Co. (NYSE:NEMGet Rating) by 8.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,655 shares of the basic materials company’s stock after selling 411 shares during the quarter. Jacobi Capital Management LLC’s holdings in Newmont were worth $370,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. J2 Capital Management Inc increased its holdings in shares of Newmont by 2.4% in the first quarter. J2 Capital Management Inc now owns 5,656 shares of the basic materials company’s stock valued at $449,000 after purchasing an additional 130 shares during the last quarter. Private Capital Group LLC increased its holdings in shares of Newmont by 8.7% in the first quarter. Private Capital Group LLC now owns 1,692 shares of the basic materials company’s stock valued at $135,000 after purchasing an additional 135 shares during the last quarter. Glassman Wealth Services increased its holdings in shares of Newmont by 21.8% in the first quarter. Glassman Wealth Services now owns 821 shares of the basic materials company’s stock valued at $65,000 after purchasing an additional 147 shares during the last quarter. Seelaus Asset Management LLC increased its holdings in shares of Newmont by 2.7% in the first quarter. Seelaus Asset Management LLC now owns 5,790 shares of the basic materials company’s stock valued at $460,000 after purchasing an additional 150 shares during the last quarter. Finally, Lee Johnson Capital Management LLC increased its holdings in shares of Newmont by 0.6% in the first quarter. Lee Johnson Capital Management LLC now owns 27,243 shares of the basic materials company’s stock valued at $2,164,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 78.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NEM shares. Canaccord Genuity Group raised Newmont from a “hold” rating to a “buy” rating and cut their price target for the company from $66.00 to $60.00 in a report on Wednesday, July 27th. Credit Suisse Group cut Newmont from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 19th. Fundamental Research reissued a “buy” rating and set a $79.52 target price on shares of Newmont in a research note on Tuesday, May 10th. TD Securities cut their target price on Newmont from $64.00 to $52.00 and set a “hold” rating for the company in a research note on Tuesday, July 26th. Finally, Barclays cut their target price on Newmont from $68.00 to $60.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 19th. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $70.37.

Newmont Trading Down 1.1 %

Shares of NYSE NEM opened at $44.77 on Friday. The stock has a market capitalization of $35.53 billion, a PE ratio of 45.22 and a beta of 0.26. The stock has a fifty day simple moving average of $58.51 and a 200-day simple moving average of $66.91. Newmont Co. has a twelve month low of $43.90 and a twelve month high of $86.37. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt-to-equity ratio of 0.28.

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

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.20 dividend on an annualized basis and a yield of 4.91%. Newmont’s dividend payout ratio (DPR) is presently 222.22%.

Insider Activity at Newmont

In related news, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $67.64, for a total value of $202,920.00. Following the completion of the transaction, the chief operating officer now directly owns 67,617 shares in the company, valued at $4,573,613.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction dated 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 sale, the chief executive officer now directly owns 254,949 shares of the company’s stock, valued at approximately $11,561,937.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $67.64, for a total value of $202,920.00. Following the sale, the chief operating officer now directly owns 67,617 shares of the company’s stock, valued at $4,573,613.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,000 shares of company stock worth $3,295,400. Company insiders own 0.11% of the company’s stock.

Newmont Company 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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