A. D. Beadell Investment Counsel Inc. Sells 10,090 Shares of Newmont Co. (NYSE:NEM)

A. D. Beadell Investment Counsel Inc. lessened its stake in Newmont Co. (NYSE:NEM) by 55.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,250 shares of the basic materials company’s stock after selling 10,090 shares during the quarter. A. D. Beadell Investment Counsel Inc.’s holdings in Newmont were worth $351,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. lifted its position in Newmont by 3.1% during the 1st quarter. BlackRock Inc. now owns 95,023,960 shares of the basic materials company’s stock worth $4,658,075,000 after buying an additional 2,899,139 shares in the last quarter. Deutsche Bank AG grew its position in shares of Newmont by 12.8% during the 1st quarter. Deutsche Bank AG now owns 17,968,912 shares of the basic materials company’s stock worth $880,836,000 after purchasing an additional 2,042,778 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Newmont by 11.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 16,560,326 shares of the basic materials company’s stock worth $781,647,000 after acquiring an additional 1,684,260 shares during the period. FMR LLC raised its stake in Newmont by 13.0% in the first quarter. FMR LLC now owns 14,718,524 shares of the basic materials company’s stock valued at $721,502,000 after purchasing an additional 1,695,666 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in shares of Newmont by 43.8% during the 4th quarter. Neuberger Berman Group LLC now owns 9,394,984 shares of the basic materials company’s stock worth $443,470,000 after acquiring an additional 2,862,233 shares during the period. 79.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $42.16, for a total value of $463,760.00. Following the completion of the sale, the chief executive officer now directly owns 267,039 shares in the company, valued at $11,258,364.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $42.16, for a total value of $463,760.00. Following the completion of the sale, the chief executive officer now owns 267,039 shares of the company’s stock, valued at $11,258,364.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Robert D. Atkinson sold 5,500 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $39.91, for a total value of $219,505.00. Following the completion of the transaction, the chief operating officer now owns 76,251 shares in the company, valued at $3,043,177.41. The disclosure for this sale can be found here. Insiders sold 38,683 shares of company stock worth $1,600,929 in the last quarter. 0.07% of the stock is owned by corporate insiders.

Newmont Trading Down 0.6 %

NYSE NEM traded down $0.25 during mid-day trading on Tuesday, reaching $40.22. 2,788,952 shares of the stock were exchanged, compared to its average volume of 7,751,037. The stock has a market cap of $31.96 billion, a P/E ratio of -42.17, a P/E/G ratio of 1.67 and a beta of 0.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.28 and a quick ratio of 1.87. Newmont Co. has a one year low of $37.45 and a one year high of $60.08. The stock has a 50 day simple moving average of $40.76 and a 200-day simple moving average of $43.75.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Newmont had a negative net margin of 6.77% and a positive return on equity of 5.74%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the firm earned $0.46 earnings per share. The firm’s revenue for the quarter was down 12.3% compared to the same quarter last year. On average, analysts anticipate that Newmont Co. will post 2.04 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Wednesday, September 6th. Newmont’s dividend payout ratio (DPR) is -166.66%.

Analyst Ratings Changes

NEM has been the topic of a number of recent analyst reports. Barclays upgraded Newmont from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $62.00 to $61.00 in a research report on Friday, July 7th. Argus lowered their price objective on shares of Newmont from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, July 25th. Canaccord Genuity Group lowered their price target on shares of Newmont from $63.00 to $57.00 and set a “buy” rating for the company in a report on Monday, July 24th. StockNews.com assumed coverage on Newmont in a report on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.00 target price on shares of Newmont in a report on Wednesday, September 6th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.00.

About Newmont

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, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.