OP Asset Management Ltd purchased a new position in shares of Newmont Corporation (NYSE:NEM – Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 112,008 shares of the basic materials company’s stock, valued at approximately $12,125,000.
A number of other hedge funds have also recently added to or reduced their stakes in NEM. GoalVest Advisory LLC bought a new position in shares of Newmont in the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new position in Newmont in the 4th quarter valued at $26,000. Cornerstone Planning Group LLC boosted its position in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after buying an additional 206 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at $27,000. Finally, Lodestone Wealth Management LLC acquired a new position in Newmont during the 4th quarter valued at about $28,000. Institutional investors own 68.85% of the company’s stock.
Newmont News Roundup
Here are the key news stories impacting Newmont this week:
- Positive Sentiment: Newmont received key regulatory approvals for its Red Chris Block Cave project in British Columbia, allowing a transition to block caving and extending the mine’s life into the 2040s. The project is also expected to boost copper output in Canada, which supports longer-term production growth. Newmont Secures Red Chris Approval For A Copper Push Into The 2040s
- Positive Sentiment: BMO Capital Markets cut its price target to $135 from $145 but maintained an “outperform” rating, signaling analysts still see meaningful upside from current levels. BMO Capital Adjusts Price Target on Newmont
- Positive Sentiment: Newmont was included on a Zacks “Strong Buy” value-stocks list, which may reinforce investor interest in the name as a quality/value play. Best Value Stocks to Buy for June 23rd
- Neutral Sentiment: Coverage highlighted Newmont as a stock drawing S&P 500 attention and benefiting from strong gold prices, but these articles were more thematic than event-driven.
- Negative Sentiment: The stock has also been under pressure from a short-term pullback, with recent articles noting weaker trading momentum and a retreat from recent highs. Newmont Corporation (NEM) Dips More Than Broader Market: What You Should Know
Newmont Stock Down 4.2%
Newmont (NYSE:NEM – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.Newmont’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the company posted $1.25 earnings per share. Sell-side analysts predict that Newmont Corporation will post 9.91 EPS for the current year.
Newmont Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s payout ratio is presently 13.49%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Sanford C. Bernstein raised Newmont from a “market perform” rating to an “outperform” rating and increased their target price for the company from $121.00 to $157.00 in a research note on Friday, February 27th. Royal Bank Of Canada decreased their price objective on shares of Newmont from $160.00 to $140.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. Argus upped their target price on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Finally, Zacks Research raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, June 15th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price of $140.50.
Insiders Place Their Bets
In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares of the company’s stock, valued at $4,877,895.80. The trade was a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 28,556 shares of company stock worth $3,120,276 in the last quarter. Insiders own 0.06% of the company’s stock.
Newmont Company Profile
Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.
Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.
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