On June 8, 2023, Sei Investments Co. reported a 6.6% increase in its position in Newmont Co. (NYSE:NEM) during the fourth quarter of the previous year. This was disclosed in the company’s most recent Form 13F filing with the Securities and Exchange Commission. Sei Investments Co.’s holdings in Newmont amounted to $3,464,000 following a purchase of an additional 4,552 shares during that same period.
Newmont released its earnings results last April 27th with a per-share profit of $0.40. This topped analysts’ estimates of $0.33 per share by seven cents and generated revenue worth $2.68 billion for the quarter, slightly below analyst estimates of $2.70 billion.
Despite lower than expected quarterly revenue compared to last year’s performance by 11.4%, Newmont remains optimistic with a positive return on equity at 6%. The business earned $0.69 EPS on the same period prior to this current stretch.
A number of research firms recently issued reports on NEM including Barclays who raised their target price from $57 to $62 and gave a “Moderate Buy” rating for the stock itself; Canaccord Genuity Group who boosted their target price from $53 to $55 and upgraded NEM’s grade from “hold” to “buy;” and StockNews.com who initiated coverage and assessed it as “hold.” Fundamental Research set up a target price of $51.92 for NEM and gave it another bullish recommendation of “buy,” while BNP Paribas also raised its rating from “neutral” to “outperform” and established its own target price of $60 for the company.
Currently, data gathered by Bloomberg shows that three investment analysts have rated NEM as a hold rating while nine have assigned it with buy ratings–a sign that indicates optimism among investors in the future performance of Newmont Co.
Updated on: 21/09/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
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Investor Interest and Increasing Stakes in Newmont: A Look at the Company’s Current Position
Newmont, a world-renowned mining company, has been on the rise as key investors increase their stakes in the organization. Hedge funds and institutional investors have made a sizeable investment by buying and selling Newmont’s shares. Van ECK Associates Corp and Neuberger Berman Group LLC increased their positions by 8.8% and 66.2% respectively, whilst Caisse DE Depot ET Placement DU Quebec skyrocketed their stake by 103.3%. Marshall Wace LLP also followed suit to increase its position by more than a thousand percent during the third quarter of last year, with Capital World Investors increasing its position by an impressive 70%. This leaves hedge funds and other institutional investors owning close to eight out of ten stocks.
Newmont began trading on Thursday at $41.90 per share with a fifty-day moving average price of $46.55 and two hundred-day moving average price of $47.47. With one-year highs of $68.23 and lows of $37.45, Newmont Co has a market cap of $33.30 billion with a P/E ratio of -63.48 based on current stock pricing trends.
In terms of analyst ratings, consensus analysis reveals that three investments currently hold equal weight for Newmont with nine analysts assigning it as a buy rating stock due to the recent projections showing signs of moderate buy activity on Bloomberg data platforms; with several reports updating from moderate-hold positions to buys including Canaccord Genuity Group raising Newmont’s projection from hold status to buy status.
Newmont announced its dividend yield payout rates for Q1 dividends that will be paid on June 15th targeting shareholders who were marked as record holders dated back to June 1st which initially had an initial ex-dividend date registered as May 31st this was outlined in their second concerning approval filed in The Securities Exchange Act regulatory filing section recently made public. The dividend demonstrates the company’s commitment to providing key stakeholders with value and a dependable stream of income in the form of this regular distribution.
The fact that important company officials like COO Robert D. Atkinson and CEO Thomas Ronald Palmer were both seen selling off portions of their stock positions recently indicate some levels of volatility could be present in the organization, however, the core values and increasing trends seem to indicate that Newmont Co’s shares remain on an upward trajectory for now.
In conclusion, Newmont is currently scaling new heights and attracting a lot of attention as investors and hedge funds increase their stakes while also receiving strong ratings from top analysts. The recent announcement from the company regarding its Q1 dividends demonstrates commitment to creating values for stakeholders. Although there have been signs of some insider sell-offs which may cause uncertainties in some quarters, overall trends point towards better things to come for shareholders in general.