Silver Oak Securities Incorporated Increases Stake in Newmont Co. (NYSE:NEM)

Silver Oak Securities Incorporated has significantly increased its investment in Newmont Co. (NYSE:NEM) by an impressive 914.5% during the third quarter. According to their recent filing with the Securities and Exchange Commission, the fund now holds 12,834 shares of Newmont's stock after acquiring an additional 11,569 shares during this period. At the close of the most recent reporting period, the value of Silver Oak Securities' holdings in Newmont was approximately $692,000.

Other institutional investors have also been active in the market regarding Newmont. Vanguard Group Inc. has increased its stake by 13.6% in the first quarter, now owning 134,940,345 shares worth about $4.84 billion after purchasing an extra 16,190,422 shares last quarter. Meanwhile, Van ECK Associates Corp raised its holdings by 2.6% in the second quarter, bringing its total to 50,918,066 shares valued at around $2.13 billion after acquiring 1,289,084 additional shares. Legal & General Group Plc expanded its stake by 1.4% during the same quarter, now owning 8,071,845 shares worth roughly $337.91 million after purchasing an additional 109,084 shares. Likewise, Dimensional Fund Advisors LP increased its holdings by 8.6%, now holding 6,912,922 shares valued at $289.45 million after buying 545,903 shares. Additionally, Price T Rowe Associates Inc. MD raised its stake in Newmont by 6.8%, now owning 4,907,101 shares valued at approximately $175.87 million after acquiring an extra 313,736 shares. In total, institutional investors and hedge funds own 68.85% of Newmont's shares.

Newmont's Share Price Overview

On Friday, NYSE:NEM opened at $48.42. The company has a market capitalization of $55.56 billion, with a P/E ratio of -22.84, a price-to-earnings-growth (PEG) ratio of 0.49, and a beta of 0.50. Over the last 50 days, the moving average price has been $53.39, and the two-hundred day moving average stands at $46.82. Newmont's stock has experienced a 12-month low of $29.42 and a high of $58.72. Financial ratios show a current ratio of 2.11, a quick ratio of 1.85, and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) announced its quarterly earnings on October 23rd, reporting earnings per share (EPS) of $0.81, which fell short of analysts' expectations of $0.86 by $0.05. The company reported a negative net margin of 13.16% but a positive return on equity of 8.35%. Revenue for the quarter reached $4.61 billion, slightly below the anticipated $4.67 billion. In the same quarter last year, Newmont reported an EPS of $0.36. Year-over-year, revenue has increased by 84.7%. Analysts predict that Newmont Co. will record an EPS of 3.07 for the current fiscal year.

Dividend Announcement

In recent developments, Newmont disclosed a quarterly dividend of $0.25 per share to be paid on December 23rd. Shareholders on record as of November 27th will be eligible for this dividend, which translates to an annualized dividend of $1.00 and a yield of 2.07%. Currently, Newmont's dividend payout ratio stands at -47.17%.

Analysts' Ratings and Price Projections

Several analysts have recently weighed in on Newmont's stock. Raymond James raised their price target from $65.00 to $66.00 and has given the stock an “outperform” rating. UBS Group has also increased their price target for Newmont from $65.00 to $67.00, recommending a “buy” rating. On the other hand, JPMorgan Chase & Co. downgraded the company from “overweight” to “neutral.” Veritas upgraded it to a “strong-buy,” and Scotiabank reduced their rating from “sector outperform” to “sector perform,” lowering their price target from $59.00 to $55.00. Currently, among investment analysts, six have rated Newmont with a hold, nine with a buy, and three with a strong buy. Overall, market consensus reflects a “Moderate Buy” rating with an average target price of $54.85.

Insider Transactions

In insider trading news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont on August 1st, with an average sale price of $49.51, amounting to a total of $990,200. This transaction did not affect his total ownership, which stands at 311,469 shares valued at about $15.42 million. Additionally, EVP Peter Toth sold 3,000 shares on October 1st for $53.81 each, totaling $161,430. Following this transaction, he holds 91,596 shares valued at approximately $4.93 million. The most recent quarter saw insiders selling a total of 66,000 shares for $3.43 million, with insiders holding only 0.06% of the company’s stock.

Company Overview

Newmont Corporation is engaged in the production and exploration of gold and also explores for other metals like copper, silver, zinc, and lead. The company has significant operations and assets across various countries, including the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

Investment, Shares, Stake