Citizens Financial Group Inc. RI raised its position in shares of Newmont Corporation (NYSE:NEM – Free Report) by 312.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 93,566 shares of the basic materials company’s stock after purchasing an additional 70,908 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Newmont were worth $10,129,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of NEM. Norges Bank bought a new position in Newmont during the fourth quarter valued at about $1,443,128,000. Van ECK Associates Corp lifted its holdings in Newmont by 23.4% in the 4th 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 acquiring an additional 5,643,496 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of 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 valued at $873,011,000 after purchasing an additional 4,588,018 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Newmont by 82.5% in 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 purchasing an additional 3,345,543 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in shares of Newmont by 398.3% in the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after purchasing an additional 2,294,396 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.
Insider Activity at Newmont
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 transaction of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. The trade was a 16.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $92.38, for a total transaction of $277,140.00. Following the completion of the transaction, the executive vice president directly owned 43,315 shares in the company, valued at $4,001,439.70. This trade represents a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 28,556 shares of company stock valued at $3,058,146. Company insiders own 0.06% of the company’s stock.
Newmont News Summary
- Positive Sentiment: Newmont welcomed the Government of Canada’s CA$500 million funding commitment for the Red Chris Block Cave project, a move that improves the economics of a key copper-gold development and could extend the mine’s life. Newmont (NEM) Welcomes Canada Funding for Red Chris
- Positive Sentiment: UBS and Macquarie both reiterated Buy ratings on Newmont, while Bank of America also kept a Buy rating even after cutting its price target to $132, signaling analysts still see upside from current levels. UBS Keeps Their Buy Rating on Newmont Corporation CHESS (NEM)
- Positive Sentiment: Articles highlighting Newmont as undervalued and benefiting from a rebound in gold prices suggest investor interest is rising as the precious-metals trade improves. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
- Positive Sentiment: Recent trading has shown Newmont outperforming the broader market, with coverage citing renewed momentum in the stock and in gold-related names. Newmont Corporation (NEM) Outperforms Broader Market: What You Need to Know
- Neutral Sentiment: One valuation piece said Newmont looks close to fair value around the low-$90s, which may limit near-term enthusiasm even though it doesn’t signal a major downside concern. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
- Negative Sentiment: Despite the recent bounce, Newmont has still been under pressure over the past few months, and Bank of America’s price-target cut reflects some caution about the stock’s longer-term upside. Bank of America price target update on Newmont
Newmont Price Performance
NEM opened at $95.30 on Monday. The firm has a market capitalization of $101.74 billion, a P/E ratio of 12.36, a PEG ratio of 1.08 and a beta of 0.46. The stock has a fifty day moving average of $104.35 and a 200-day moving average of $110.68. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88.
Newmont (NYSE:NEM – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for 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%.Newmont’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. Equities analysts forecast that Newmont Corporation will post 9.32 EPS for the current fiscal year.
Newmont Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were given 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 yield of 1.1%. Newmont’s payout ratio is presently 13.49%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on NEM. Jefferies Financial Group reduced their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a report on Monday, July 6th. Zacks Research raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. Canaccord Genuity Group lifted their target price on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Royal Bank Of Canada reduced their target price on Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday. Finally, BMO Capital Markets dropped their price target on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average target price of $137.64.
Read Our Latest Stock Analysis on NEM
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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