Claro Advisors LLC Invests $845,000 in Newmont Co. (NYSE:NEM)

Claro Advisors LLC has recently established a new investment in Newmont Co. (NYSE:NEM) during the third quarter, as revealed in its latest 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,803 shares of this basic materials company, with a total value of around $845,000.

Investment Trends in Newmont

In addition to Claro Advisors, various other hedge funds and institutional investors have also adjusted their stakes in Newmont. For instance, Hoese & Co LLP entered the market with a new stake worth about $27,000 during the third quarter. Likewise, Meeder Asset Management Inc. acquired shares valued at $27,000 in the second quarter, while LRI Investments LLC purchased a stake worth $25,000 in the first quarter. Notably, Heritage Wealth Advisors significantly increased its holdings in Newmont by 1,310.4% in the first quarter, now owning 945 shares valued at $34,000 after acquiring an additional 878 shares. Furthermore, Crewe Advisors LLC invested in Newmont, valuing their position at $35,000. Overall, institutional investors currently hold 68.85% of Newmont's stock.

Recent Insider Activities

In related news, Peter Toth, Executive Vice President of Newmont, sold 3,000 shares on October 1 at an average price of $53.81, accumulating about $161,430 from this transaction. Post-sale, Toth's ownership in the company stands at 91,596 shares, valued around $4.93 million. This sale represents a negligible decrease in his stake. The transaction was formally reported to the SEC. Additionally, on September 3, CEO Thomas Ronald Palmer sold 20,000 shares at an average price of $52.47, totaling $1,049,400. Following the sale, Palmer retains 291,469 shares valued at approximately $15.29 million, which also reflects a minimal decrease in ownership. In the last quarter, insiders collectively sold 66,000 shares of Newmont, valued at $3.43 million, while corporate insiders hold a mere 0.06% of the stock.

Insights from Analysts

Several research analysts have offered their perspectives on Newmont's shares. UBS Group recently increased their target price for Newmont to $67.00 from $65.00 and provided a “buy” rating. Conversely, JPMorgan Chase & Co. downgraded the company from an “overweight” rating to “neutral.” Argus upgraded their rating from “hold” to “buy,” setting a target price of $58.00. Moreover, Veritas rated Newmont as “strong-buy” while Bank of America raised their price target from $49.00 to $50.00, also giving it a “buy” rating. The consensus rating currently stands as “Moderate Buy” with an average price target of $53.46 based on inputs from five analysts giving a hold rating, ten granting buy ratings, and three assigning strong buy ratings.

Current Performance of Newmont Stock

The share price of Newmont has opened at $57.62. It shows a quick ratio of 1.85, a current ratio of 2.11, and a debt-to-equity ratio of 0.31. With a market capitalization of $66.44 billion, the company exhibits a P/E ratio of -21.58 and a P/E/G ratio of 0.43. Newmont has experienced a 12-month high of $57.96 and a low of $29.42. The company's latest earnings report dated July 24 revealed earnings per share (EPS) of $0.72, exceeding analysts' expectations of $0.62. Year-over-year revenue rose by 64.1% with $4.40 billion reported, surpassing the forecast of $4.13 billion.

Dividend Announcement

Newmont has recently declared a quarterly dividend, distributed on September 30. Shareholders on record as of September 5 received a dividend of $0.25 per share, translating to an annualized dividend of $1.00 and a yield of 1.74%. Newmont currently maintains a dividend payout ratio of -37.45%.

About Newmont Corporation

Newmont Corporation is engaged in gold production and exploration, as well as copper, silver, zinc, and lead. The corporation operates assets across the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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