Advisors Asset Management Inc. Boosts Stake in Newmont Corporation $NEM

Key Points

• Advisors Asset Management Inc. increased its holdings in Newmont Corporation by 33.0%, owning 96,161 shares valued at $4.64 million.
• Multiple institutional investors have also raised their stakes in Newmont, with Bank of New York Mellon Corp growing its position by 8.9% to hold over 16 million shares.
• Newmont recently reported earnings of $1.43 per share, significantly exceeding analyst expectations, with a quarterly revenue of $5.32 billion.

Advisors Asset Management Inc. raised its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 96,161 shares of the basic materials company's stock after purchasing an additional 23,861 shares during the quarter. Advisors Asset Management Inc.'s holdings in Newmont were worth $4,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of NEM. Bessemer Group Inc. lifted its holdings in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after acquiring an additional 1,379 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Newmont in the 1st quarter worth about $423,000. Spire Wealth Management increased its position in shares of Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 1,309 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Newmont during the 1st quarter valued at about $202,000. Finally, Two Sigma Investments LP lifted its position in Newmont by 51.9% in the 4th quarter. Two Sigma Investments LP now owns 1,808,687 shares of the basic materials company's stock worth $67,319,000 after buying an additional 618,366 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on NEM shares. UBS Group increased their price target on shares of Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. Raymond James Financial boosted their price target on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Finally, BNP Paribas cut Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Four research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and an average price target of $65.15.

Newmont Trading Up 1.7%

Shares of NEM traded up $1.26 during mid-day trading on Friday, hitting $76.14. 8,676,401 shares of the company's stock traded hands, compared to its average volume of 7,911,651. The business's 50-day moving average price is $65.61 and its 200-day moving average price is $56.00. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $77.30. The firm has a market capitalization of $83.64 billion, a P/E ratio of 13.67, a PEG ratio of 0.92 and a beta of 0.33. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the firm earned $0.72 EPS. The company's quarterly revenue was up 20.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the completion of the transaction, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,246 shares of company stock valued at $1,253,559 over the last ninety days. Company insiders own 0.05% of the company's stock.

Newmont Company 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.