Erste Asset Management GmbH Trims Stake in Newmont Corporation $NEM

Erste Asset Management GmbH reduced its position in shares of Newmont Corporation (NYSE:NEM) by 12.1% in the fourth quarter, Holdings Channel reports. The firm owned 318,219 shares of the basic materials company’s stock after selling 43,992 shares during the period. Erste Asset Management GmbH’s holdings in Newmont were worth $31,695,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC grew its position in Newmont by 28.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 328,132 shares of the basic materials company’s stock worth $32,764,000 after acquiring an additional 72,848 shares in the last quarter. CenterBook Partners LP grew its position in Newmont by 129.0% in the fourth quarter. CenterBook Partners LP now owns 16,180 shares of the basic materials company’s stock worth $1,616,000 after acquiring an additional 9,113 shares in the last quarter. IMA Advisory Services Inc. grew its position in Newmont by 26,200.0% in the fourth quarter. IMA Advisory Services Inc. now owns 526 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 524 shares in the last quarter. Syon Capital LLC grew its position in Newmont by 5.8% in the fourth quarter. Syon Capital LLC now owns 8,042 shares of the basic materials company’s stock worth $803,000 after acquiring an additional 440 shares in the last quarter. Finally, ING Groep NV purchased a new position in Newmont in the fourth quarter worth $21,283,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on NEM shares. TD Cowen reiterated a “buy” rating on shares of Newmont in a research report on Monday, April 27th. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. TD Securities reiterated a “hold” rating and issued a $129.00 target price on shares of Newmont in a research report on Monday, April 27th. Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an “outperform” rating in a research report on Monday, June 1st. Finally, Argus upped 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. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average target price of $142.07.

Newmont News Roundup

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

Newmont Stock Performance

NYSE NEM opened at $99.77 on Monday. The company has a 50-day simple moving average of $111.70 and a two-hundred day simple moving average of $109.71. 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 $52.08 and a 12-month high of $134.88. The firm has a market cap of $106.51 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.65 and a beta of 0.42.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same period in the prior year, the business posted $1.25 earnings per share. The company’s revenue was up 45.8% on a year-over-year basis. On average, equities analysts forecast that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio is 13.49%.

Insider Activity

In other news, insider David John Thornton sold 2,296 shares of the company’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 completion of the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the transaction, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. This trade represents a 2.64% 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. In the last quarter, insiders sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is owned by corporate 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.