Secure Asset Management LLC Reduces Stake in Newmont Co. (NYSE:NEM)

During the third quarter, Secure Asset Management LLC made significant adjustments to its investment in Newmont Co. (NYSE:NEM). The firm reduced its stake by 25.2%, resulting in ownership of 31,156 shares after selling 10,475 shares within that period.

As of the latest financial reporting, Secure Asset Management LLC's holdings in Newmont were valued at approximately $1,665,000.

Ongoing Gold Market Trends

The gold market continues to attract attention, prompting discussions on whether it's time to buy more stocks or take profits. Investors seem eager to stay updated on the evolving landscape of gold investments.

Changes in Institutional Holdings

Other institutional investors have also been active in adjusting their positions in Newmont. For instance, Vanguard Group Inc. increased its holdings by 13.6% in the first quarter, now owning 134,940,345 shares worth around $4.83 billion, following an acquisition of 16,190,422 additional shares.

Similarly, Van ECK Associates Corp raised its stake by 2.6%, acquiring 1,289,084 shares to hold a total of 50,918,066 shares, valued at approximately $2.13 billion. Legal & General Group Plc and Dimensional Fund Advisors LP also made increases in their respective holdings during the second quarter, showcasing a growing interest among institutional investors. Altogether, institutional investors control about 68.85% of Newmont's stock.

Current Stock Performance of Newmont

As of the latest trading session, Newmont stock was opened at $56.49. The company has a market capitalization of $65.14 billion and a price-to-earnings (P/E) ratio of -21.16. Over the past 50 and 200 days, the stock has shown a moving average of $52.69 and $46.11, respectively.

The firm has maintained strong liquidity with a current ratio of 2.11 and a quick ratio of 1.85, complemented by a debt-to-equity ratio of 0.31. Over the past year, the stock has fluctuated, reaching a low of $29.42 and a high of $57.32.

Financial Results

Newmont recently reported its quarterly earnings, which revealed an earnings per share (EPS) of $0.72 for the previous quarter, surpassing analysts' consensus estimates of $0.62. The company's revenue was approximately $4.40 billion, exceeding predictions of $4.13 billion, indicating a robust year-over-year growth of 64.1% in revenue. Analysts anticipate that Newmont will achieve an EPS of 3.1 for the current year.

Dividend Declaration

The firm recently declared a quarterly dividend of $0.25 per share, which was paid on September 30th. Shareholders who were recorded before September 5th received this dividend, translating to an annualized yield of 1.77%.

Analyst Ratings Overview

Wall Street analysts have been evaluating Newmont’s performance and future potential. Various firms, including UBS Group and Cibc World Markets, upgraded their ratings and price targets significantly. For instance, UBS increased its price target on the stock from $65.00 to $67.00, and Cibc raised its rating from a “hold” to a “strong-buy” status. Overall, analysts maintain a consensus rating of “Moderate Buy” for Newmont, with an average price target of $53.46.

Insider Market Activity

In recent activity, CEO Thomas Ronald Palmer sold 20,000 shares on August 1st at an average price of $49.51, further indicating the current trading dynamics within the company. Following this transaction, he retains ownership of 311,469 shares, valued at approximately $15.42 million. Other executives, including EVP Peter Toth, have also conducted transactions, reflecting ongoing internal trading movements.

About Newmont Corporation

Newmont Corporation primarily engages in gold production and exploration, also focusing on copper, silver, zinc, and lead. The company operates globally, with assets and operations spread across several countries including the United States, Canada, and Peru, among others.

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