State Street Corp Buys 1,565,716 Shares of Newmont Corporation $NEM

State Street Corp lifted its stake in shares of Newmont Corporation (NYSE:NEM) by 3.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,396,702 shares of the basic materials company’s stock after purchasing an additional 1,565,716 shares during the quarter. State Street Corp owned about 4.97% of Newmont worth $4,893,852,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in NEM. Blue Trust Inc. boosted its holdings in Newmont by 0.6% in the first quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company’s stock worth $1,861,000 after acquiring an additional 100 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Newmont by 6.2% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,832 shares of the basic materials company’s stock valued at $183,000 after acquiring an additional 107 shares in the last quarter. Accel Wealth Management raised its position in shares of Newmont by 0.8% during the second quarter. Accel Wealth Management now owns 14,744 shares of the basic materials company’s stock worth $1,377,000 after purchasing an additional 115 shares during the period. Bell Investment Advisors Inc raised its position in shares of Newmont by 41.8% during the first quarter. Bell Investment Advisors Inc now owns 397 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 117 shares during the period. Finally, Compound Planning Inc. lifted its holdings in shares of Newmont by 0.6% in the 1st quarter. Compound Planning Inc. now owns 21,192 shares of the basic materials company’s stock worth $2,294,000 after purchasing an additional 121 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total transaction of $477,486.00. Following the sale, the chief executive officer directly owned 131,353 shares in the company, valued at $16,156,419. The trade was a 2.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 32,091 shares of company stock valued at $3,414,187 in the last ninety days. 0.06% of the stock is currently owned by insiders.

Newmont Stock Up 1.6%

NEM stock traded up $2.02 during trading on Tuesday, reaching $125.07. The stock had a trading volume of 1,498,605 shares, compared to its average volume of 8,885,422. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $131.79 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 1.72 and a beta of 0.52. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. The company’s 50 day moving average is $113.83 and its two-hundred day moving average is $109.64.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same quarter in the previous year, the business earned $1.43 EPS. Equities research analysts forecast that Newmont Corporation will post 9.09 EPS for the current year.

Newmont Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on NEM. National Bank Financial dropped their price objective on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Argus set a $110.00 target price on shares of Newmont in a report on Monday, August 3rd. Citigroup dropped their price target on shares of Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Canaccord Genuity Group cut their price target on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Finally, Sanford C. Bernstein decreased their price objective on Newmont from $147.00 to $144.00 and set an “outperform” rating for the company in a report on Wednesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus target price 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.