Clough Capital Partners L P Has $2.05 Million Stake in Newmont Corporation $NEM

Clough Capital Partners L P decreased its position in shares of Newmont Corporation (NYSE:NEM) by 21.7% during the 4th quarter, HoldingsChannel reports. The fund owned 20,532 shares of the basic materials company’s stock after selling 5,701 shares during the period. Clough Capital Partners L P’s holdings in Newmont were worth $2,050,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Asset One Wealth Management LLC acquired a new position in shares of Newmont in the fourth quarter valued at approximately $2,386,000. Integrated Advisors Network LLC increased its stake in shares of Newmont by 23.4% in the fourth quarter. Integrated Advisors Network LLC now owns 3,765 shares of the basic materials company’s stock valued at $376,000 after buying an additional 715 shares during the period. AQR Capital Management LLC increased its stake in shares of Newmont by 82.5% in the fourth quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock valued at $739,117,000 after buying an additional 3,345,543 shares during the period. Abel Hall LLC acquired a new position in shares of Newmont in the fourth quarter valued at approximately $423,000. Finally, EFG International AG acquired a new position in shares of Newmont in the fourth quarter valued at approximately $679,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce set a $175.00 price objective on Newmont and gave the company an “outperform” rating in a research note on Monday, June 1st. The Goldman Sachs Group lowered their price objective on Newmont from $125.10 to $122.50 and set a “buy” rating for the company in a research note on Thursday, June 4th. Argus upped their price objective on Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Scotiabank lowered their price objective on Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research note on Friday, March 20th. Finally, Barclays started coverage on Newmont in a research note on Thursday, May 21st. They issued an “overweight” rating and a $133.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $141.79.

Insiders Place Their Bets

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was 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 approximately $7,472,615.15. This represents a 16.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the transaction, the executive vice president owned 46,315 shares in the company, valued at $4,877,895.80. The trade was a 6.08% decrease in their ownership of the stock. 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 have sold a total of 28,556 shares of company stock valued at $3,120,276 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Key Stories Impacting Newmont

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.

Newmont Price Performance

Newmont stock opened at $105.55 on Thursday. The stock has a market capitalization of $112.68 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.80 and a beta of 0.42. Newmont Corporation has a 52-week low of $55.37 and a 52-week high of $134.88. The stock’s 50 day moving average price is $110.52 and its two-hundred day moving average price is $110.51. 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 (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, topping analysts’ consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. On average, equities analysts predict that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued 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 is Wednesday, May 27th. Newmont’s dividend payout ratio is presently 13.49%.

About Newmont

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.