The Illinois Municipal Retirement Fund has significantly increased its investment in Newmont Corporation, acquiring an additional 80,350 shares during the second quarter of 2023. This move boosts the fund’s total holdings in the mining company to 94,288 shares, reflecting a remarkable increase of 576.5%. According to the latest Form 13F filing with the Securities and Exchange Commission (SEC), the value of the fund’s stake in Newmont now stands at approximately $5.5 million.
The investment landscape surrounding Newmont has seen other notable changes as well. Knights of Columbus Asset Advisors LLC raised its position in the company by 59.6%, now holding 15,653 shares worth $912,000 after acquiring an additional 5,848 shares. Envestnet Asset Management Inc. made a more substantial leap, increasing its holdings by 176.4% to 447,960 shares valued at $26.1 million after purchasing 285,897 shares.
Generate Investment Management Ltd also expanded its stake, growing its position by 25.9% to 378,975 shares, now valued at $22.1 million. Additionally, Midwest Trust Co entered a new position with an investment worth approximately $4.4 million. Banco Santander S.A. made headlines with a staggering increase of 2,244.4%, acquiring 128,284 shares valued at $7.5 million after adding 122,812 shares.
As of the latest filings, institutional investors collectively own 68.85% of Newmont’s stock, underscoring significant institutional confidence in the company.
Newmont’s Stock Performance and Dividend Announcement
On Wednesday, Newmont’s shares opened at $89.94, with a one-year trading range between a low of $36.86 and a high of $98.58. The company has maintained a healthy financial profile, reporting a debt-to-equity ratio of 0.17, a quick ratio of 1.74, and a current ratio of 2.04. Its market capitalization currently stands at $98.15 billion, with a price-to-earnings (P/E) ratio of 13.97 and a relatively low beta of 0.33.
In a recent announcement, Newmont declared a quarterly dividend of $0.25 per share, scheduled for payment on December 22, 2023. Shareholders on record as of November 26, 2023, will be eligible for this dividend, which translates to an annualized amount of $1.00 and a yield of 1.1%. The company’s payout ratio stands at a conservative 15.53%.
Analyst Ratings and Insider Transactions
Market analysts have provided mixed insights regarding Newmont’s stock. Notably, the Royal Bank of Canada raised its price target from $38.00 to $40.00, issuing an “outperform” rating. In contrast, Weiss Ratings downgraded the stock from a “buy (b-)” to a “hold (c+)” rating. TD Securities increased its target from $67.00 to $89.00, maintaining a “hold” rating. Zacks Research upgraded Newmont from a “hold” to a “strong buy,” while Bank of America set a high target of $115.00 for the stock with a “buy” rating.
The consensus rating for Newmont currently sits at “Moderate Buy,” with an average price target of $88.99, according to data from MarketBeat.com.
In insider trading news, Director Bruce R. Brook sold 2,080 shares at an average price of $80.96, totaling approximately $168,396.80. This transaction reduced his holdings to 34,789 shares, valued at around $2.8 million. CEO Thomas Ronald Palmer also sold 5,000 shares at an average price of $81.34, amounting to $406,700.00, which brought his total shares to 279,923, valued at about $22.8 million.
Overall, the recent activities surrounding Newmont Corporation reflect a dynamic interest from institutional investors and analysts, highlighting its ongoing significance in the mining sector.
