Moody Aldrich Partners LLC has established a new position in Newmont Corporation, purchasing 6,337 shares during the second quarter of 2023. The acquisition is valued at approximately $369,000, according to a report from Holdings Channel. This move reflects a growing interest in the mining sector, particularly among institutional investors.
A number of other significant investors have also made adjustments to their holdings in Newmont. For instance, Concord Wealth Partners increased its stake by 534.7%, owning now 457 shares worth around $27,000 after acquiring an additional 385 shares. Similarly, Evermay Wealth Management LLC grew its position by 408.2%, now holding 498 shares valued at $29,000 following the purchase of 400 shares.
In a notable trend, Cloud Capital Management LLC purchased a new stake in Newmont valued at approximately $26,000. Additionally, Colonial Trust Advisors raised its position by 315.4% in the first quarter, now owning 565 shares worth $27,000. The firm Financial Management Professionals Inc. also boosted its stake by 274.1% in the second quarter, resulting in 606 shares valued at $35,000. Overall, institutional investors currently hold 68.85% of Newmont’s stock.
Insider Activity and Recent Sales
Recent transactions by company insiders have also drawn attention. On October 1, 2023, Director Bruce R. Brook sold 2,080 shares at an average price of $84.99, totaling $176,779.20. This sale reduced his holdings to 36,869 shares, valued at approximately $3,133,496.31. Similarly, Chief Accounting Officer Brian Tabolt sold 7,015 shares on August 6, 2023, for a total of $477,160.30, decreasing his position by 17.70%.
In total, insiders have sold 11,172 shares of Newmont stock worth $808,863 in the last quarter, while insiders collectively own only 0.05% of the company’s stock.
Newmont’s Financial Performance and Future Outlook
Newmont recently reported its earnings on October 23, 2023, showing a strong performance with earnings per share (EPS) of $1.71, surpassing analysts’ expectations of $1.27 by $0.44. The company’s revenue reached $5.52 billion, significantly higher than the anticipated $5.14 billion. The firm posted a return on equity of 20.35% and a net margin of 33.42%, reflecting a robust year-over-year revenue increase of 20.0%.
Looking ahead, analysts forecast an EPS of $3.45 for the current fiscal year.
In addition to its strong earnings, Newmont has announced a quarterly dividend of $0.25 per share, scheduled for payment on December 22, 2023. Shareholders of record on November 26, 2023 will receive the dividend, equating to an annualized payout of $1.00 and a yield of 1.2%. The company’s dividend payout ratio stands at 15.53%.
Several investment firms have provided optimistic outlooks for Newmont. Raymond James Financial set a price target of $99.00 and classified the stock as “outperform.” CIBC established a target of $112.00, while Weiss Ratings upgraded Newmont from a “hold” to a “buy” rating. Additionally, Bank of America increased its price objective to $115.00. As of now, the consensus rating from analysts is “Buy,” with an average target price of $86.92 according to MarketBeat.
Newmont Corporation is a leader in the production and exploration of gold, with additional operations in copper, silver, zinc, and lead. The company operates in various countries, including the United States, Canada, and Australia, underscoring its global presence in the mining industry.
