Investment Management Corp of Ontario cut its holdings in shares of Newmont Corporation (NYSE:NEM – Free Report) by 38.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,437 shares of the basic materials company’s stock after selling 98,619 shares during the period. Investment Management Corp of Ontario’s holdings in Newmont were worth $15,820,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Newmont during the fourth quarter worth $1,443,128,000. Van ECK Associates Corp raised its holdings in shares of Newmont by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after buying an additional 5,643,496 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Newmont by 110.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock worth $873,011,000 after buying an additional 4,588,018 shares in the last quarter. AQR Capital Management LLC grew its holdings in Newmont by 82.5% during the 4th quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock worth $739,117,000 after acquiring an additional 3,345,543 shares during the last quarter. Finally, Assetmark Inc. grew its holdings in Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after acquiring an additional 2,294,396 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the stock. Scotiabank dropped their target price on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research note on Friday, March 20th. TD Cowen reissued a “buy” rating on shares of Newmont in a report on Monday, April 27th. Royal Bank Of Canada dropped their price objective on shares of Newmont from $160.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, June 3rd. Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Finally, TD lifted their price target on shares of Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a research report on Monday, April 27th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.79.
Newmont Stock Performance
Shares of NEM stock opened at $105.55 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The stock has a market cap of $112.68 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 1.80 and a beta of 0.42. The stock has a 50-day moving average of $110.52 and a 200-day moving average of $110.51. Newmont Corporation has a one year low of $55.37 and a one year high of $134.88.
Newmont (NYSE:NEM – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 EPS. As a group, sell-side analysts expect that Newmont Corporation will post 9.91 earnings per share for the current year.
Newmont Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio (DPR) is currently 13.49%.
Newmont News Roundup
Here are the key news stories impacting Newmont this week:
- Positive Sentiment: Zacks upgraded Newmont from hold to strong-buy, reinforcing a more optimistic view on the stock’s near-term prospects.
- Positive Sentiment: Wall Street’s average price target implies about 30% upside, with analysts also pointing to rising earnings estimates as a supportive signal for the shares. Article: Does Newmont (NEM) Have the Potential to Rally 30.14% as Wall Street Analysts Expect?
- Positive Sentiment: Newmont announced a leadership reshuffle, naming new CFO, COO, and CTO appointments effective July 1, which investors may see as a move to sharpen execution under CEO Natascha Viljoen.
- Positive Sentiment: Several recent articles highlight Newmont as a value or buy idea and note that the company remains well positioned if gold prices rebound, which is supportive for a gold miner.
- Neutral Sentiment: Other coverage focused on comparison pieces and broad investor interest, but these are less likely to move the stock on their own.
Insider Activity
In other news, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. The trade was a 16.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the sale, the chief executive officer owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. This represents a 2.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,556 shares of company stock worth $3,120,276 over the last quarter. Corporate 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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