Lake Street Advisors Group LLC Reduces Stake in Newmont Co.

Lake Street Advisors Group LLC has reduced its investment in Newmont Co. (NYSE:NEM) by 18.9% during the third quarter, as indicated in its latest 13F filing with the Securities and Exchange Commission (SEC). After selling 1,373 shares, the firm now holds a total of 5,873 shares of the basic materials company. As of the end of the reporting period, Lake Street Advisors Group LLC's stake in Newmont was valued at approximately $314,000.

Other institutional investors have also been active regarding their positions in Newmont. For example, LRI Investments LLC established a new position in the first quarter worth about $25,000, while Strategic Financial Concepts LLC and Meeder Asset Management Inc. both acquired new stakes during the second quarter, each valued at approximately $25,000 and $27,000, respectively. Additionally, Hoese & Co LLP purchased a new position in the third quarter also valued at $27,000. Heritage Wealth Advisors significantly increased its stake in the first quarter by 1,310.4%, now owning 945 shares valued at $34,000 after an additional purchase of 878 shares last quarter. Overall, institutional investors collectively own 68.85% of Newmont's stock.

Newmont's Recent Trading Performance

As of Friday, shares of Newmont opened at $48.42. The company has experienced a twelve-month low of $29.42 and a high of $58.72. With a current market cap of $55.56 billion, Newmont has a PE ratio of -22.84 and a P/E/G ratio of 0.49, alongside a beta of 0.50. Financial indicators such as Newmont’s quick ratio stand at 1.85, and the current ratio is 2.11, with a debt-to-equity ratio of 0.31. The 50-day moving average for the stock is $53.39, while the 200-day moving average is $46.82.

In its latest quarterly earnings report, released on October 23rd, Newmont disclosed an earnings per share (EPS) of $0.81, which fell short of analysts' expectations of $0.86 by $0.05. The company reported a negative net margin of 13.16% and a positive return on equity of 8.35%. With quarterly revenue at $4.61 billion, it was below the anticipated $4.67 billion. However, this revenue marked an 84.7% increase compared to the same quarter last year. Equity analysts predict that Newmont will achieve an EPS of 3.07 for the current fiscal year.

Dividend Information

Recently, Newmont declared a quarterly dividend which is set to be paid on December 23rd. Shareholders on record as of November 27th will receive a dividend of $0.25. The ex-dividend date is also established for November 27th. This results in an annualized dividend of $1.00, which corresponds to a dividend yield of 2.07%. Currently, the payout ratio stands at -47.17%.

Analyst Recommendations

Several brokerage firms have shared their opinions on Newmont. UBS Group recently increased their price target from $65.00 to $67.00 while maintaining a "buy" rating as of October 15th. Conversely, JPMorgan Chase & Co. downgraded their assessment from “overweight” to “neutral” on July 8th. Cibc World Markets upgraded Newmont from “hold” to “strong buy” in a report on July 10th. Furthermore, Argus elevated their recommendation from “hold” to “buy” with a target price of $58.00 on August 29th. The Royal Bank of Canada also revised their price objectives for Newmont from $54.00 to $53.00 with a "sector perform" rating. In total, six analysts rate the stock as a hold, nine suggest buying, and three consider it a strong buy. According to MarketBeat.com, the consensus rating for Newmont is “Moderate Buy,” with an average target price of $54.85.

Insider Transactions

In insider news, EVP Peter Toth sold 3,000 shares on September 3rd at an average price of $52.47, totaling $157,410. After this sale, he now holds 94,596 shares valued at approximately $4,963,452.12. Also on September 3rd, CEO Thomas Ronald Palmer transferred 20,000 shares at the same average price, amassing a total of $1,049,400. Following his transaction, he currently owns 291,469 shares valued at around $15,293,378.43. Both transactions were disclosed to the SEC. Over the last 90 days, insiders sold a total of 66,000 shares worth $3,434,640, with insider ownership representing only 0.06% of stock.

About Newmont Corporation

Newmont Corporation is involved in the exploration and production of gold and also examines for copper, silver, zinc, and lead. Its operational footprint extends across multiple countries, including the United States, Canada, Mexico, and several others in South America, Africa, and Australia.

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