AMF Tjanstepension AB Has $75.99 Million Stake in Newmont Corporation $NEM

Key Points

• AMF Tjanstepension AB increased its Newmont stake by 169.6% in the fourth quarter, ending with 761,076 shares valued at about $76 million.
• Newmont has seen broad institutional interest, with hedge funds and asset managers holding 68.85% of the stock; meanwhile, several analysts remain bullish, giving the shares a consensus Moderate Buy rating and a target price of $142.51.
• The company reported stronger-than-expected quarterly results, with $2.90 EPS and $7.31 billion in revenue, and it also announced a quarterly dividend of $0.26 per share payable June 22.

AMF Tjanstepension AB boosted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 169.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 761,076 shares of the basic materials company's stock after purchasing an additional 478,821 shares during the period. AMF Tjanstepension AB owned 0.07% of Newmont worth $75,993,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. increased its stake 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 valued at $286,619,000 after buying an additional 2,294,396 shares during the period. Boston Partners increased its stake in shares of Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock valued at $585,828,000 after buying an additional 2,288,653 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Newmont by 106.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock valued at $349,288,000 after buying an additional 2,146,905 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Newmont by 142.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock valued at $189,963,000 after buying an additional 1,914,286 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Newmont by 171.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company's stock valued at $143,068,000 after buying an additional 1,582,324 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. DZ Bank raised Newmont to a "strong-buy" rating in a research note on Monday, January 19th. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a research note on Monday, April 27th. The Goldman Sachs Group lifted their price objective on Newmont from $123.20 to $125.10 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 3rd. Finally, BMO Capital Markets lifted their price objective on Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.51.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $330,330.00. Following the transaction, the executive vice president directly owned 49,315 shares in the company, valued at approximately $5,430,074.65. The trade was a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. This trade represents a 9.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 43,068 shares of company stock valued at $4,769,475. Insiders own 0.06% of the company's stock.

Newmont Stock Performance

NEM stock opened at $109.81 on Tuesday. The business's 50-day moving average price is $111.83 and its two-hundred day moving average price is $107.46. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The firm has a market cap of $117.23 billion, a PE ratio of 14.24, a P/E/G ratio of 1.52 and a beta of 0.43. Newmont Corporation has a 1-year low of $49.99 and a 1-year high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. As a group, research analysts forecast that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced 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. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont's payout ratio is currently 13.49%.

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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