Scotia Capital Inc. Decreases Position in Newmont Co. (NYSE:NEM)

Scotia Capital Inc. trimmed its position in shares of Newmont Co. (NYSE:NEMFree Report) by 43.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 92,976 shares of the basic materials company’s stock after selling 71,619 shares during the quarter. Scotia Capital Inc.’s holdings in Newmont were worth $3,432,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in NEM. Compass Wealth Management LLC purchased a new stake in shares of Newmont in the fourth quarter valued at $25,000. Stone House Investment Management LLC lifted its position in Newmont by 1,241.3% during the second quarter. Stone House Investment Management LLC now owns 617 shares of the basic materials company’s stock worth $26,000 after buying an additional 571 shares during the period. TFC Financial Management Inc. lifted its position in Newmont by 242.2% during the third quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock worth $26,000 after buying an additional 499 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in Newmont during the third quarter worth about $26,000. Finally, Bartlett & Co. LLC purchased a new position in Newmont during the third quarter worth about $28,000. 79.53% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

NYSE NEM opened at $33.90 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $26.94 billion, a PE ratio of -14.24, a price-to-earnings-growth ratio of 2.68 and a beta of 0.49. The company has a 50 day moving average price of $34.83 and a two-hundred day moving average price of $37.41. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $52.76.

Newmont (NYSE:NEMGet Free Report) last announced its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The company had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same period last year, the firm posted $0.44 EPS. The company’s revenue was up 23.7% compared to the same quarter last year. As a group, equities analysts predict that Newmont Co. will post 2.02 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Monday, March 4th. Newmont’s dividend payout ratio (DPR) is presently -42.02%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NEM shares. Macquarie initiated coverage on Newmont in a research note on Tuesday, November 21st. They set an “outperform” rating and a $45.00 price target for the company. Royal Bank of Canada reduced their target price on Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. BMO Capital Markets reduced their target price on Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. TD Securities cut their price target on Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a report on Friday, February 23rd. Finally, National Bank Financial reissued an “outperform overweight” rating on shares of Newmont in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.09.

Read Our Latest Stock Report on Newmont

Insider Transactions at Newmont

In related news, COO Robert D. Atkinson sold 5,500 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $41.26, for a total transaction of $226,930.00. Following the transaction, the chief operating officer now owns 54,251 shares in the company, valued at approximately $2,238,396.26. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.07% of the stock is owned by insiders.

About Newmont

(Free Report)

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.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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