Silver Oak Securities Incorporated Increases Stake in Newmont Co. (NYSE:NEM)

Silver Oak Securities Incorporated has significantly increased its investment in Newmont Co. (NYSE:NEM) by an astonishing 914.5% during the third quarter of this year. According to recent filings with the Securities and Exchange Commission, the firm now owns 12,834 shares of Newmont after acquiring an additional 11,569 shares during this time. By the end of the reporting period, Silver Oak Securities Incorporated's holdings in Newmont were valued at approximately $692,000.

Other institutional investors have also adjusted their positions in Newmont. Vanguard Group Inc. increased its stake by 13.6% in the first quarter and now holds 134,940,345 shares worth around $4.84 billion after purchasing 16,190,422 additional shares. Similarly, Van ECK Associates Corp. raised its investment by 2.6% during the second quarter, accumulating 50,918,066 shares valued at $2.13 billion. Legal & General Group Plc also increased its holdings by 1.4%, now holding 8,071,845 shares worth approximately $338 million. Dimensional Fund Advisors LP lifted its investment by 8.6%, bringing its total to 6,912,922 shares valued at about $289.4 million. Additionally, Price T Rowe Associates Inc. MD increased its stake by 6.8% in the first quarter, now owning 4,907,101 shares valued at $175.87 million. In total, institutional investors and hedge funds control approximately 68.85% of Newmont's stock.

Newmont's Stock Performance

As of Friday, Newmont’s stock price opened at $48.42. The company boasts a market capitalization of $55.56 billion and has a price-to-earnings (P/E) ratio of -22.84, with a price-to-earnings-growth (PEG) ratio of 0.49 and a beta of 0.50. Currently, the stock's 50-day moving average stands at $53.39, while the 200-day moving average is at $46.82. Newmont has experienced a 12-month low of $29.42 and a high of $58.72. The company maintains a current ratio of 2.11, a quick ratio of 1.85, and a debt-to-equity ratio of 0.31.

Newmont recently released its quarterly earnings report on October 23rd, revealing earnings per share (EPS) of $0.81, which fell short of analysts' expectations of $0.86, creating a difference of $0.05. The company reported a negative net margin of 13.16% and a positive return on equity of 8.35%. Newmont's revenue for the quarter amounted to $4.61 billion, slightly below the predicted $4.67 billion. When compared to the previous year, the firm's revenue surged by 84.7%.

Dividend Announcement

Newmont has also announced its quarterly dividend, set to be paid on December 23rd. Shareholders recorded on November 27th will receive a dividend of $0.25 per share, which translates to an annualized dividend of $1.00 and a yield of 2.07%. Currently, Newmont's dividend payout ratio is reported at -47.17%.

Market Analysts Outlook

Several market analysts have offered insights on Newmont's stock. Raymond James has recently raised its price target from $65.00 to $66.00, rating the stock as “outperform.” UBS Group has increased its target to $67.00 and maintains a “buy” recommendation. Conversely, JPMorgan Chase & Co. downgraded the stock from “overweight” to “neutral.” Veritas has upgraded Newmont to a “strong-buy” rating. In another notable change, Scotiabank reduced their price objective from $59.00 to $55.00 while changing their rating from “sector outperform” to “sector perform.” Currently, six analysts have rated the stock as a hold, nine have given a buy rating, and three have classified it as a strong buy. The consensus rating stands at “Moderate Buy” with an average target price set at $54.85.

Insider Trading Activity

On the insider trading front, CEO Thomas Ronald Palmer sold 20,000 shares on August 1st at an average price of $49.51, resulting in a total transaction value of $990,200. Post-sale, Palmer holds 311,469 shares valued at approximately $15.42 million. This transaction reflected no change in his overall position. Additionally, Executive Vice President Peter Toth sold 3,000 shares on October 1st at an average price of $53.81 for a total of $161,430. Post-transaction, Toth retains 91,596 shares valued at around $4.93 million. Over the last quarter, insiders have sold a total of 66,000 shares worth about $3.43 million, representing 0.06% of the total stock ownership held by insiders of Newmont.

Company Overview

Newmont Corporation focuses on gold production and exploration, while also exploring for copper, silver, zinc, and lead. Its operations and assets span various countries, including the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

Investment, Stock, Finance