Range Financial Group LLC has significantly increased its position in shares of Newmont Corporation, a leading global gold mining company, by 34.6% during the third quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC), the group now holds 26,190 shares of Newmont, having acquired an additional 6,734 shares during the quarter, valuing its holdings at approximately $2.2 million.
Several other institutional investors have also made notable adjustments to their Newmont investments. Harbor Capital Advisors Inc. raised its stake by 53.5%, now owning 399 shares worth about $34,000 after adding 139 shares. Meanwhile, Summit Financial Wealth Advisors LLC increased its holdings by 2.3%, totaling 6,584 shares valued at $566,000. In similar moves, Welch Group LLC and Hemington Wealth Management also boosted their stakes, reflecting a growing institutional interest in the company.
As of now, approximately 68.85% of Newmont’s stock is held by hedge funds and other institutional investors, highlighting a strong backing from major financial entities.
Analyst Ratings and Market Performance
Research analysts have recently provided optimistic outlooks for Newmont. Argus raised its price target from $75.00 to $94.00, while Raymond James Financial maintained an “outperform” rating with a target of $111.00. Additionally, UBS Group increased its price objective from $105.50 to $125.00, affirming a “buy” rating. Notably, Citigroup also adjusted its target from $74.00 to $104.00, indicating a strong consensus among analysts.
Currently, five analysts have assigned a Strong Buy rating to Newmont, while thirteen have issued a Buy rating. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $97.08.
Despite these positive assessments, Newmont’s stock has experienced a decline of 5.8%, opening at $99.66 on Tuesday. The company’s financial metrics reveal a debt-to-equity ratio of 0.17 and a market capitalization of $108.75 billion. The stock reached a one-year low of $36.86 and a high of $106.34.
Recent Earnings and Dividend Announcement
Newmont last reported its earnings results on October 23, 2023, revealing earnings per share (EPS) of $1.71, surpassing analysts’ estimates of $1.27 by $0.44. The company recorded a net margin of 33.42% and a return on equity of 20.35%, with quarterly revenues reaching $5.52 billion, significantly exceeding the expected $5.14 billion. This reflects a year-over-year revenue increase of 20.0%.
In addition to its financial performance, Newmont declared a quarterly dividend of $0.25 per share, paid on November 26, 2023. This dividend translates to an annualized amount of $1.00, yielding 1.0%. The ex-dividend date was also set for November 26, with a dividend payout ratio of 15.53%.
In related updates, Director Bruce R. Brook sold 2,080 shares at an average price of $92.36, totaling approximately $192,109. Following this transaction, his shareholding decreased to 32,709 shares. Additionally, CEO Thomas Ronald Palmer sold 5,000 shares for around $406,700, reducing his ownership to 279,923 shares.
With a robust portfolio and strategic moves from its stakeholders, Newmont Corporation continues to position itself strongly within the gold mining industry. Founded in 1921 and headquartered in Greenwood Village, Colorado, the company remains a key player in gold exploration and production, supported by its extensive network of mines and development projects.
