Glenmede Trust Co. NA Increases Stake in Newmont Co.

Glenmede Trust Co. NA has boosted its stake in Newmont Co. (NYSE:NEM) by 8.0% during the third quarter, as revealed in its latest report to the Securities & Exchange Commission. The firm now holds 29,642 shares of the basic materials company after adding 2,199 shares during the quarter. This increase brings the total worth of Glenmede Trust Co. NA's holdings in Newmont to approximately $1,584,000 as per their most recent SEC filing.

Other institutional investors have also made adjustments to their positions in Newmont. Van ECK Associates Corp increased its holdings by 2.6% in the second quarter, now owning 50,918,066 shares valued at around $2,131,939,000 after acquiring an additional 1,289,084 shares. Similarly, Legal & General Group Plc raised its stake by 1.4% during the same period, holding 8,071,845 shares worth $337,909,000 after buying an extra 109,084 shares.

In another significant increase, FMR LLC raised its position in Newmont by 21.1% in the third quarter, now owning 7,052,439 shares valued at $376,953,000 following the purchase of 1,226,697 shares. Dimensional Fund Advisors LP also boosted their stake by 8.6% in the second quarter, bringing their total to 6,912,922 shares worth $289,445,000 after acquiring an additional 545,903 shares. Lastly, Barrow Hanley Mewhinney & Strauss LLC saw a notable increase of 29.4% in the second quarter, now holding 4,728,350 shares valued at $197,976,000 after acquiring 1,074,623 shares. Overall, institutional investors collectively own about 68.85% of Newmont's stock.

Current Performance of Newmont Stock

As of Monday, Newmont stock opened at $41.94. Over the past year, the stock has seen a low of $29.42 and a high of $58.72. The company has a market capitalization of $47.75 billion, with a P/E ratio of -27.59, a PEG ratio of 0.36, and a beta of 0.51. The 50-day moving average price stands at $49.09, while the 200-day moving average price is $47.49. The current ratio is 1.96, the quick ratio is 1.73, and the debt-to-equity ratio sits at 0.30.

Newmont Co. reported its quarterly earnings on October 23rd, where it announced earnings per share (EPS) of $0.81, falling short of the consensus estimate of $0.86 by $0.05. The company generated revenue of $4.61 billion during the quarter, compared to analysts' expectations of $4.67 billion. Notably, Newmont had a positive return on equity of 9.80% but reported a negative net margin of 7.03%. Year-over-year, Newmont's revenue increased by 84.7%. Analysts predict that the company will close the current year with a projected EPS of 3.08.

Dividend Declaration

Additionally, Newmont has announced a quarterly dividend that will be paid out on December 23rd. Shareholders who are on record by November 27th will receive a dividend of $0.25 per share. This translates into an annualized dividend of $1.00, reflecting a yield of 2.38%. The ex-dividend date is also set for November 27th, with the dividend payout ratio currently at -65.79%.

Insider Trading Activity

In other news regarding Newmont, executive vice president Peter Toth sold 3,000 shares on October 1st at an average price of $53.81, accumulating $161,430 from the transaction. Following this sale, he now owns 91,596 shares valued at approximately $4,928,780.76, marking a 3.17% reduction in his ownership. The sale was filed with the SEC for public view. Meanwhile, CEO Thomas Ronald Palmer sold 20,000 shares on September 3rd at an average price of $52.47, totaling $1,049,400 from this transaction. After the sale, he retains 291,469 shares valued at roughly $15,293,378.43, reflecting a 6.42% decrease in his holdings. Over the past 90 days, insiders sold a total of 46,000 shares valued at $2,444,440. Currently, insiders hold only 0.06% of the company's total stock.

Analyst Ratings and Recommendations

Analysts have been evaluating Newmont's stock, with different investment firms recently providing updates. Bernstein Bank raised its price target for Newmont shares from $55.00 to $58.00 in a report dated November 11th. Following that, JPMorgan Chase & Co. upgraded Newmont from a "neutral" to an "overweight" rating on November 19th. Conversely, UBS Group downgraded Newmont from a "buy" to a "neutral" rating and reduced their price target from $67.00 to $54.00 on October 30th. On August 29th, Argus upgraded the stock from a "hold" rating to a "buy" rating, citing a price objective of $58.00. On the other hand, Royal Bank of Canada cut their price target for Newmont from $54.00 to $53.00, while maintaining a "sector perform" rating. Currently, one analyst has given a sell rating, eight hold ratings, seven buy ratings, and two strong buy ratings. According to MarketBeat data, Newmont is generally rated as a "Moderate Buy" with an average target price of $54.31.

About Newmont Corporation

Newmont Corporation is involved in the production and exploration of gold and also explores for other minerals such as copper, silver, zinc, and lead. The company operates and holds assets across various countries, including the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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