State Street Corp Raises Holdings in Newmont Corporation $NEM

State Street Corp lifted its position in shares of Newmont Corporation (NYSE:NEM) by 3.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 52,396,702 shares of the basic materials company’s stock after acquiring an additional 1,565,716 shares during the quarter. State Street Corp’s holdings in Newmont were worth $4,893,852,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in NEM. Core Capital Management & Research inc. bought a new stake in Newmont in the 2nd quarter valued at about $467,000. Integrated Wealth Concepts LLC raised its position in shares of Newmont by 3.9% in the second quarter. Integrated Wealth Concepts LLC now owns 58,415 shares of the basic materials company’s stock valued at $5,456,000 after purchasing an additional 2,218 shares during the period. Nykredit A S bought a new stake in shares of Newmont in the second quarter valued at approximately $38,917,000. Range Advisory LLC lifted its stake in shares of Newmont by 46.9% during the 2nd quarter. Range Advisory LLC now owns 3,698 shares of the basic materials company’s stock valued at $345,000 after buying an additional 1,181 shares in the last quarter. Finally, Corient Private Wealth LP bought a new position in Newmont in the 2nd quarter worth approximately $3,155,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Natascha Viljoen sold 7,764 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the transaction, the chief executive officer owned 135,235 shares of the company’s stock, valued at $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,091 shares of company stock valued at $3,414,187 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Newmont Price Performance

NYSE NEM traded up $2.02 during trading on Tuesday, reaching $125.07. The company’s stock had a trading volume of 1,498,605 shares, compared to its average volume of 8,885,422. The firm has a fifty day moving average of $113.83 and a 200 day moving average of $109.64. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. The stock has a market capitalization of $131.79 billion, a PE ratio of 15.79, a P/E/G ratio of 1.72 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter last year, the company posted $1.43 EPS. Analysts expect that Newmont Corporation will post 9.09 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.8%. Newmont’s payout ratio is presently 13.13%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NEM shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Newmont in a report on Monday, September 14th. National Bank Financial reduced their price target on Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. BMO Capital Markets dropped their price objective on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a report on Tuesday, June 23rd. Canadian Imperial Bank of Commerce set a $170.00 target price on Newmont in a research note on Friday, August 14th. Finally, Royal Bank Of Canada lifted their target price on Newmont from $135.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $133.07.

About Newmont

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.