Range Financial Group LLC has significantly increased its investment in Newmont Corporation (NYSE: NEM) by 34.6% during the third quarter of 2023. According to the firm’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), the financial group now owns 26,190 shares of the gold mining company, following the acquisition of an additional 6,734 shares during the quarter. The total value of Range Financial Group’s holdings in Newmont stands at approximately $2,208,000.
This move follows a broader trend among institutional investors, as several hedge funds have recently adjusted their stakes in Newmont. Harbor Capital Advisors Inc. has increased its holdings by 53.5%, now owning 399 shares valued at $34,000. Summit Financial Wealth Advisors LLC and Welch Group LLC have also raised their stakes by 2.3% and 1.3%, respectively, bringing their ownership to 6,584 shares worth $566,000 and 12,187 shares valued at $1,027,000.
Analyst Ratings and Stock Performance
Recent analyst reports have been generally positive regarding Newmont shares. Analysts at Argus have raised their price target from $75.00 to $94.00, while Raymond James Financial reaffirmed an “outperform” rating with a target of $111.00. UBS Group has also increased its price objective from $105.50 to $125.00, reflecting a strong “buy” rating.
Currently, Newmont holds an average analyst rating of “Buy,” with a consensus target price of $97.08. The company’s stock opened at $99.66 on Tuesday, but has experienced a decline of 5.8% recently. Newmont’s market capitalization is approximately $108.75 billion, supported by a debt-to-equity ratio of 0.17 and a P/E ratio of 15.47.
Newmont recently reported its earnings for the third quarter, revealing earnings per share (EPS) of $1.71, surpassing analysts’ expectations of $1.27. The company generated a revenue of $5.52 billion for this quarter, a 20% increase year-over-year.
Dividend Announcement and Insider Transactions
In addition to its strong performance, Newmont announced a quarterly dividend of $0.25 per share, which was paid on December 22, 2023. This equates to an annualized dividend of $1.00 and a yield of 1.0%. The dividend payout ratio stands at 15.53%.
Recent insider transactions include a sale by Director Bruce R. Brook, who sold 2,080 shares at an average price of $92.36, totaling $192,108.80. Following this transaction, Brook retains 32,709 shares of Newmont, valued at approximately $3,021,003.24. Additionally, CEO Thomas Ronald Palmer sold 5,000 shares on November 3, 2023, for a total of $406,700.00, bringing his total ownership to 279,923 shares.
With 68.85% of Newmont’s stock owned by institutional investors, the company remains a significant player in the global gold mining sector. Founded in 1921, Newmont Corporation continues to expand its operations through a combination of organic growth and strategic acquisitions, solidifying its position within the industry.
