Ritholtz Wealth Management lifted its holdings in shares of Newmont Corporation (NYSE:NEM – Free Report) by 21.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 49,615 shares of the basic materials company’s stock after purchasing an additional 8,861 shares during the period. Ritholtz Wealth Management’s holdings in Newmont were worth $5,371,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Newmont by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after buying an additional 637,996 shares during the period. State Street Corp boosted its holdings in Newmont by 1.0% during the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock valued at $4,988,491,000 after acquiring an additional 480,223 shares during the period. Van ECK Associates Corp grew its position in Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after acquiring an additional 5,643,496 shares during the last quarter. Geode Capital Management LLC grew its position in Newmont by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after acquiring an additional 946,824 shares during the last quarter. Finally, Norges Bank purchased a new position in Newmont in the 4th quarter worth approximately $1,443,128,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on NEM. Sanford C. Bernstein upgraded Newmont from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $121.00 to $157.00 in a research report on Friday, February 27th. TD lifted their target price on shares of Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. Royal Bank Of Canada lowered their price target 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 increased their price target on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group raised their price target on shares of Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $140.50.
Newmont Price Performance
Shares of NEM stock opened at $95.26 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The firm has a market cap of $101.69 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.56 and a beta of 0.42. The business’s 50 day moving average price is $108.28 and its 200-day moving average price is $110.89.
Newmont (NYSE:NEM – Get Free Report) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 earnings per share. On average, equities research analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current year.
Newmont Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were issued a $0.26 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.1%. Newmont’s dividend payout ratio is 13.49%.
Insider Activity at Newmont
In other news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction dated 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 sale, the executive vice president owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Also, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders sold 28,556 shares of company stock valued at $3,120,276. 0.06% of the stock is currently owned by company insiders.
Newmont 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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