Amalgamated Bank Reduces Newmont Holdings to $8.13 Million

Amalgamated Bank has reduced its stake in Newmont Co. (NYSE:NEM) by 3.3% during the fourth quarter. This information comes from the bank's recent 13F filing with the Securities and Exchange Commission (SEC). After selling 7,351 shares during the quarter, Amalgamated Bank now holds a total of 218,490 shares in the mining company. The total value of these holdings is approximately $8,132,000 as reported in the latest SEC filing.

Institutional Investor Activity

Several other institutional investors have also made changes to their positions in Newmont. For instance, Avior Wealth Management LLC increased its stake by a significant 191.8% in the third quarter, bringing its ownership to 496 shares after buying 326 additional shares. Furthermore, Prospera Private Wealth LLC acquired a new position in Newmont valued at about $28,000 during the same quarter. Highline Wealth Partners LLC also initiated a new position, worth approximately $32,000. HHM Wealth Advisors LLC enhanced its stake by 66.0% in the fourth quarter, now owning 880 shares worth $33,000. Additionally, McIlrath & Eck LLC raised its holdings by 80.6% in the third quarter, currently owning 809 shares valued at $43,000. Notably, institutional investors collectively own around 68.85% of Newmont's stock.

Performance and Financial Metrics

On Thursday, shares of NYSE:NEM opened at $43.55. The company boasts a market capitalization of $49.58 billion and has a price-to-earnings (PE) ratio of 14.86, along with a price-to-earnings growth (PEG) ratio of 0.41. With a beta of 0.52, the company maintains a current ratio of 1.96 and a quick ratio of 1.73. Newmont's debt-to-equity ratio stands at 0.30. Over the past year, the stock has seen a low of $29.42 and a high of $58.72. The company's 50-day moving average is $41.82, while the 200-day moving average is $46.37.

Recent Earnings Report

Newmont recently released its quarterly earnings results on February 20th. The company reported earnings per share (EPS) of $1.40, exceeding analysts' expectations of $1.11 by $0.29. Newmont achieved a net margin of 17.92% and a return on equity of 13.52%. The firm recorded revenue of $5.65 billion for the quarter, surpassing the consensus estimate of $5.32 billion. Market analysts predict Newmont Co. will report a total EPS of 3.45 for the current year.

Dividend Announcements

In addition, Newmont announced a quarterly dividend to be paid on March 27th. Shareholders who are on record as of March 4th will receive a dividend of $0.25 per share, resulting in an annualized dividend of $1.00 and a yield of 2.30%. The company's current payout ratio is 34.13%.

Analyst Ratings and Insights

Various analysts have expressed their views on Newmont. For example, JPMorgan Chase & Co. upgraded the company's rating from "neutral" to "overweight." In addition, Royal Bank of Canada increased its target price for Newmont shares from $47.00 to $52.00 and assigned a "sector perform" rating. Meanwhile, Scotiabank adjusted its target price from $52.00 to $50.00, maintaining a similar rank. However, CLSA has given Newmont an "underperform" rating. Overall, one analyst rated the stock as a sell, seven as hold, nine as buy, and two as strong buy. According to MarketBeat’s data, the consensus rating on the stock is "Moderate Buy," with an average target price set at $53.16.

Insider Trading Activity

Recent insider trading activity saw EVP Peter Toth sell 3,000 shares at an average price of $42.89, totaling $128,670. Following this transaction, Toth now directly owns 79,596 shares, valued around $3,413,872. Following the same pattern, COO Natascha Viljoen sold 9,000 shares at an average price of $40.00 for a total worth of $360,000. As of now, Viljoen holds 145,967 shares, valued at approximately $5,838,680. The recent quarter saw corporate insiders sell a total of 28,154 shares valued at $1,166,843.

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 in multiple countries, including the United States, Canada, Mexico, and several others across South America, Australia, and Africa.

Amalgamated, Newmont, Investors