The Illinois Municipal Retirement Fund significantly increased its investment in Newmont Corporation, purchasing an additional 80,350 shares during the second quarter of 2023. This move boosted the fund’s total holdings in the gold mining company to 94,288 shares, valued at approximately $5,493,000, as reported in its recent Form 13F filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also adjusted their positions in Newmont. Notably, Knights of Columbus Asset Advisors LLC raised its stake by 59.6%, acquiring 5,848 additional shares to reach a total of 15,653 shares, which now hold a value of $912,000. Similarly, Envestnet Asset Management Inc. made a substantial increase, adding 285,897 shares to its portfolio, which now totals 447,960 shares valued at $26,098,000.
Generate Investment Management Ltd. acquired 77,865 shares more, raising its total to 378,975 shares worth $22,079,000. Midwest Trust Co. also entered the market with a new position valued at approximately $4,424,000. Banco Santander S.A. showed a remarkable increase in its holdings by 2,244.4%, now owning 128,284 shares valued at $7,474,000. Collectively, institutional investors control approximately 68.85% of Newmont’s stock.
Current Stock Performance and Dividend Announcement
On October 25, 2023, Newmont’s shares opened at $89.94. The stock has experienced a one-year range, with a low of $36.86 and a high of $98.58. The company maintains a solid financial position, illustrated by a debt-to-equity ratio of 0.17 and a quick ratio of 1.74. Newmont’s market capitalization stands at $98.15 billion, with a price-to-earnings (P/E) ratio of 13.97 and a beta of 0.33.
In addition, Newmont recently announced a quarterly dividend of $0.25, payable on December 22, 2023, to shareholders recorded by November 26, 2023. This dividend reflects an annualized rate of $1.00, yielding approximately 1.1%. The company’s current payout ratio is 15.53%.
Analysts’ Ratings and Insider Transactions
Analysts have been active in reassessing Newmont’s stock. Royal Bank of Canada raised its price target from $38.00 to $40.00 while maintaining an “outperform” rating. Weiss Ratings downgraded the stock from a “buy (b-)” to a “hold (c+)” rating. Meanwhile, TD Securities increased its target from $67.00 to $89.00, assigning a “hold” rating.
Zacks Research upgraded Newmont from a “hold” to a “strong-buy” rating, while Bank of America raised its target from $105.00 to $115.00, categorizing the stock as a “buy.” Overall, five analysts rate Newmont as a Strong Buy, thirteen as Buy, four as Hold, and one as Sell, with a consensus rating of “Moderate Buy” and a price target of $88.99.
In related news, Director Bruce R. Brook sold 2,080 shares on November 3, 2023, at an average price of $80.96, totaling $168,396.80. Following this transaction, Brook holds 34,789 shares valued at approximately $2,816,517.44. Additionally, CEO Thomas Ronald Palmer sold 5,000 shares for $406,700.00, resulting in a decrease of 1.75% in his ownership.
Newmont Corporation engages in the production and exploration of gold and also explores for copper, silver, zinc, and lead. The company operates in multiple countries, including the United States, Canada, Mexico, and Australia, making it a significant player in the global mining sector.
