Newmont Co. (NYSE:NEM) Is Hussman Strategic Advisors Inc.'s 2nd Largest Position

Financial News Live · Nov 23, 2022 02:52

Hussman Strategic Advisors Inc. lessened its stake in Newmont Co. (NYSE:NEM – Get Rating) by 8.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 167,200 shares of the basic materials company's stock after selling 15,200 shares during the quarter. Newmont accounts for approximately 1.7% of Hussman Strategic Advisors Inc.'s portfolio, making the stock its 2nd biggest position. Hussman Strategic Advisors Inc.'s holdings in Newmont were worth $9,977,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NEM. Wealth Alliance Advisory Group LLC lifted its stake in Newmont by 5.1% during the second quarter. Wealth Alliance Advisory Group LLC now owns 3,460 shares of the basic materials company's stock worth $206,000 after purchasing an additional 169 shares during the last quarter. Capital Analysts LLC lifted its stake in Newmont by 0.4% in the first quarter. Capital Analysts LLC now owns 47,050 shares of the basic materials company's stock valued at $3,738,000 after buying an additional 185 shares during the last quarter. Mcrae Capital Management Inc. lifted its stake in Newmont by 3.7% in the second quarter. Mcrae Capital Management Inc. now owns 5,600 shares of the basic materials company's stock valued at $334,000 after buying an additional 200 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Newmont by 15.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,565 shares of the basic materials company's stock valued at $93,000 after buying an additional 211 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its stake in Newmont by 0.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 41,958 shares of the basic materials company's stock valued at $2,504,000 after buying an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 81.11% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. TheStreet cut Newmont from a "b-" rating to a "c+" rating in a research note on Thursday, September 22nd. Eight Capital reduced their price objective on Newmont to $58.00 in a research note on Thursday, October 27th. The Goldman Sachs Group started coverage on Newmont in a research note on Monday, September 12th. They issued a "buy" rating and a $53.00 price objective for the company. Barclays dropped their target price on Newmont from $55.00 to $54.00 and set an "equal weight" rating on the stock in a report on Monday. Finally, StockNews.com started coverage on Newmont in a report on Wednesday, October 12th. They issued a "hold" rating on the stock. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Newmont presently has an average rating of "Hold" and a consensus price target of $63.33.

Newmont Price Performance

Shares of NEM stock traded up $1.14 during mid-day trading on Tuesday, reaching $46.14. The stock had a trading volume of 201,696 shares, compared to its average volume of 8,507,297. Newmont Co. has a 12-month low of $37.45 and a 12-month high of $86.37. The company has a market cap of $36.62 billion, a P/E ratio of 36.39 and a beta of 0.25. The business has a 50-day simple moving average of $42.75 and a 200 day simple moving average of $51.28. The company has a current ratio of 2.72, a quick ratio of 2.29 and a debt-to-equity ratio of 0.28.

Newmont (NYSE:NEM – Get Rating) last announced its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.02). Newmont had a net margin of 8.28% and a return on equity of 8.07%. The firm had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.79 billion. On average, sell-side analysts anticipate that Newmont Co. will post 1.89 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 8th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date is Wednesday, December 7th. Newmont's payout ratio is currently 174.60%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $42.71, for a total transaction of $469,810.00. Following the sale, the chief executive officer now owns 232,949 shares of the company's stock, valued at $9,949,251.79. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Newmont news, insider Mark Casper sold 4,890 shares of the firm's stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $41.98, for a total value of $205,282.20. Following the sale, the insider now directly owns 18,217 shares of the company's stock, valued at approximately $764,749.66. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the firm's stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $42.71, for a total value of $469,810.00. Following the completion of the sale, the chief executive officer now directly owns 232,949 shares in the company, valued at $9,949,251.79. The disclosure for this sale can be found here. Insiders have sold a total of 32,890 shares of company stock valued at $1,405,502 over the last quarter. Insiders own 0.11% of the company's stock.

About Newmont

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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.