Moody Aldrich Partners LLC has made a significant investment in Newmont Corporation by acquiring 6,337 shares during the second quarter of 2024. This purchase is valued at approximately $369,000, reflecting a growing interest in the basic materials sector. This move coincides with similar actions by other large investors, indicating a trend of increased institutional investment in the company.
In the same quarter, Concord Wealth Partners expanded its stake in Newmont by an impressive 534.7%, raising its holdings to 457 shares worth $27,000. Evermay Wealth Management LLC also increased its position by 408.2%, resulting in ownership of 498 shares valued at $29,000. Other notable investments included Cloud Capital Management LLC, which acquired a new stake valued at approximately $26,000, and Colonial Trust Advisors, which raised its holdings by 315.4% to own 565 shares worth $27,000. Additionally, Financial Management Professionals Inc. boosted its stake by 274.1%, now holding 606 shares valued at $35,000. Overall, institutional investors currently control 68.85% of Newmont’s stock.
Recent Insider Transactions
In related news, insider trading activity at Newmont has seen notable transactions. On October 1, 2024, Director Bruce R. Brook sold 2,080 shares at an average price of $84.99, totaling $176,779.20. Following this sale, he retains 36,869 shares valued at approximately $3.13 million, marking a 5.34% decrease in his position. Additionally, Chief Accounting Officer Brian Tabolt sold 7,015 shares on August 6, 2024, for $477,160.30, representing a 17.70% decrease in his holdings. Collectively, insiders have sold 11,172 shares of Newmont stock in the last quarter, amounting to $808,863.
Newmont’s Financial Performance and Future Outlook
Newmont Corporation recently reported its earnings on October 23, 2024, revealing earnings per share (EPS) of $1.71, surpassing analysts’ expectations of $1.27 by $0.44. The company generated $5.52 billion in revenue, exceeding the forecast of $5.14 billion. This performance marked a year-over-year revenue increase of 20.0%, with the previous year’s EPS at $0.81. Analysts project that Newmont will achieve an EPS of $3.45 for the current fiscal year.
In addition to its financial results, Newmont has announced a quarterly dividend of $0.25 per share, set to be paid on December 22, 2024. Shareholders of record on November 26, 2024, will receive this dividend, translating to an annualized amount of $1.00 and a yield of 1.2%. The company’s dividend payout ratio stands at 15.53%.
Equity analysts remain optimistic about Newmont’s prospects. Raymond James Financial has set a price target of $99.00, rating the stock as “outperform.” CIBC has a target of $112.00, also recommending an outperformer rating. Recent upgrades include Weiss Ratings, which raised its rating from “hold (c +)” to “buy (b -),” and Bank of America, which increased its target from $105.00 to $115.00. The Goldman Sachs Group has established a target price of $104.30 for the stock. Currently, five analysts rate Newmont as a Strong Buy, fourteen as Buy, three as Hold, and one as Sell, resulting in an average rating of “Buy” with a consensus target price of $86.92.
Newmont Corporation continues to be a significant player in the mining sector, engaging in the production and exploration of gold, copper, silver, zinc, and lead across various countries including the United States, Canada, Mexico, and Australia. The company’s robust financial performance and strategic investments by institutional players suggest a positive outlook for its future endeavors.
