Vinva Investment Management Ltd Grows Stock Position in Newmont Corporation $NEM

Vinva Investment Management Ltd lifted its stake in shares of Newmont Corporation (NYSE:NEM) by 688.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 429,175 shares of the basic materials company’s stock after buying an additional 374,724 shares during the quarter. Newmont makes up approximately 0.7% of Vinva Investment Management Ltd’s portfolio, making the stock its 27th biggest position. Vinva Investment Management Ltd’s holdings in Newmont were worth $24,360,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NEM. Colonial Trust Advisors increased its holdings in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after buying an additional 429 shares during the last quarter. Concord Wealth Partners raised its position in shares of Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 385 shares in the last quarter. Evermay Wealth Management LLC boosted its holdings in Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 400 shares in the last quarter. TCTC Holdings LLC boosted its holdings in Newmont by 123.1% in the first quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 362 shares in the last quarter. Finally, Dagco Inc. purchased a new position in Newmont in the first quarter valued at approximately $32,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total transaction of $168,396.80. Following the transaction, the director directly owned 34,789 shares in the company, valued at approximately $2,816,517.44. This represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,237 shares of company stock valued at $906,799 in the last quarter. Company insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of several research analyst reports. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Bank of America boosted their price objective on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Argus raised their target price on shares of Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, Royal Bank Of Canada increased their price target on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Four analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and an average target price of $91.20.

Newmont Price Performance

Shares of NEM opened at $90.51 on Thursday. The firm has a market capitalization of $98.77 billion, a PE ratio of 14.05, a P/E/G ratio of 0.53 and a beta of 0.33. The stock’s 50 day moving average is $85.85 and its two-hundred day moving average is $70.66. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $98.58. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 earnings per share. Research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is currently 15.53%.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.