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Raymond James Financial Services Advisors Inc. Acquires 53,258 Shares of Newmont Co. (NYSE:NEM)

Raymond James Financial Services Advisors Inc. boosted its stake in Newmont Co. (NYSE:NEM – Get Rating) by 37.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 195,805 shares of the basic materials company’s stock after purchasing an additional 53,258 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Newmont were worth $8,230,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of NEM. Wealth Alliance Advisory Group LLC boosted its position in shares of Newmont by 5.1% in the 2nd 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 in the last quarter. Mcrae Capital Management Inc. boosted its position in shares of Newmont by 3.7% in the 2nd quarter. Mcrae Capital Management Inc. now owns 5,600 shares of the basic materials company’s stock worth $334,000 after purchasing an additional 200 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Newmont by 15.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,565 shares of the basic materials company’s stock worth $93,000 after purchasing an additional 211 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Newmont by 0.5% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 41,958 shares of the basic materials company’s stock worth $2,504,000 after purchasing an additional 214 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its position in shares of Newmont by 9.9% in the 2nd quarter. AdvisorNet Financial Inc now owns 2,391 shares of the basic materials company’s stock worth $143,000 after purchasing an additional 215 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NEM. Barclays lowered their price objective on Newmont from $55.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, November 21st. Credit Suisse Group lifted their price target on Newmont to $54.00 in a research report on Monday, November 21st. The Goldman Sachs Group assumed coverage on Newmont in a research report on Monday, September 12th. They set a “buy” rating and a $53.00 price target for the company. TheStreet cut Newmont from a “b-” rating to a “c+” rating in a research report on Thursday, September 22nd. Finally, Fundamental Research reaffirmed a “buy” rating and set a $52.00 price target (down previously from $63.91) on shares of Newmont in a research report on Tuesday, November 15th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Newmont has a consensus rating of “Hold” and an average target price of $63.56.

Insiders Place Their Bets

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In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $43.02, for a total transaction of $473,220.00. Following the completion of the sale, the chief executive officer now directly owns 221,949 shares in the company, valued at approximately $9,548,245.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Mark Casper sold 4,890 shares of the business’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $41.98, for a total transaction of $205,282.20. Following the transaction, the insider now directly owns 18,217 shares in the company, valued at approximately $764,749.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $43.02, for a total value of $473,220.00. Following the transaction, the chief executive officer now owns 221,949 shares in the company, valued at $9,548,245.98. The disclosure for this sale can be found here. In the last three months, insiders sold 46,890 shares of company stock worth $2,160,662. Corporate insiders own 0.11% of the company’s stock.

Newmont Price Performance

Shares of Newmont stock opened at $52.69 on Monday. The company has a quick ratio of 2.29, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. Newmont Co. has a twelve month low of $37.45 and a twelve month high of $86.37. The business has a 50-day moving average price of $46.19 and a 200 day moving average price of $46.67. The firm has a market cap of $41.82 billion, a PE ratio of 41.82 and a beta of 0.27.

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 the consensus estimate of $0.29 by ($0.02). Newmont had a net margin of 8.28% and a return on equity of 8.07%. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Sell-side analysts predict that Newmont Co. will post 1.78 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th were paid a dividend of $0.55 per share. The ex-dividend date was Wednesday, December 7th. This represents a $2.20 annualized dividend and a yield of 4.18%. Newmont’s dividend payout ratio (DPR) is currently 174.60%.

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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