Silver Oak Securities Incorporates Larger Investment in Newmont Co. (NYSE:NEM)

Silver Oak Securities Incorporated has significantly increased its investment in Newmont Co. (NYSE:NEM) by an astounding 914.5% during the third quarter, as detailed in their latest filing with the Securities and Exchange Commission. Following this increase, the fund now holds 12,834 shares in the basic materials company, acquiring an additional 11,569 shares during this period. As of the end of their most recent reporting cycle, Silver Oak's holdings in Newmont were valued at approximately $692,000.

Several other hedge funds have also actively traded shares of Newmont, indicating a broader interest in the company. Vanguard Group Inc. enhanced its holdings in Newmont by 13.6% in the first quarter, acquiring an additional 16,190,422 shares. They now possess a total of 134,940,345 shares, which are valued at around $4.84 billion. Similarly, Van ECK Associates Corp increased its stake by 2.6% during the second quarter, now owning 50,918,066 shares valued at $2.13 billion after an additional purchase of 1,289,084 shares. Legal & General Group Plc and Dimensional Fund Advisors LP also raised their stakes in Newmont in the same quarter, by 1.4% and 8.6% respectively.

Newmont Company Financial Overview

As of Friday, the stock price of Newmont was $48.42, and it boasts a market capitalization of about $55.56 billion. The company has a price-to-earnings ratio of -22.84 and a price-to-earnings-growth ratio of 0.49. Over the past year, the stock has seen a low of $29.42 and a high of $58.72. Furthermore, Newmont has reported a current ratio of 2.11, a quick ratio of 1.85, and a debt-to-equity ratio of 0.31.

Newmont recently announced its quarterly earnings, revealing an earnings per share (EPS) of $0.81, which was short of the analysts’ consensus estimate of $0.86. While the company posted a revenue of $4.61 billion during the quarter, this slightly missed the expected $4.67 billion. Comparing it to the previous year's performance, the current revenue shows an impressive year-over-year increase of 84.7%. Analysts forecast an EPS of 3.07 for Newmont for the current fiscal year.

Dividend Announcement by Newmont

In addition to its financial performance, Newmont announced a quarterly dividend to be paid on December 23rd. Shareholders on record as of November 27th will receive a $0.25 dividend per share, translating to an annualized dividend of $1.00 and a yield of 2.07%. The company’s current dividend payout ratio stands at -47.17%.

Analysts' Outlook for Newmont

Several analysts have weighed in on Newmont’s stock recently. Raymond James raised their price target from $65.00 to $66.00 and has rated the stock as “outperform.” Likewise, UBS Group has increased their price target from $65.00 to $67.00, assigning Newmont a “buy” rating. Conversely, JPMorgan Chase & Co. downgraded Newmont from “overweight” to “neutral,” while Veritas upgraded Newmont to a “strong-buy” rating. Currently, the stock has a consensus rating of “Moderate Buy” from analysts and an average target price of $54.85.

Insider Activity at Newmont

In other news related to insider trading, Newmont's CEO, Thomas Ronald Palmer, sold 20,000 shares on August 1st at an average price of $49.51, totaling around $990,200. After this transaction, he holds approximately 311,469 shares valued at over $15 million. Additionally, EVP Peter Toth sold 3,000 shares on October 1st, worth roughly $161,430.

About Newmont Corporation

Newmont Corporation primarily focuses on gold production and exploration, while also exploring for other metals such as copper, silver, zinc, and lead. The company operates in various countries, including the United States, Canada, Mexico, and several nations across South America and Australia.

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