AQR Capital Management LLC Boosts Stake in Newmont Corporation $NEM

Key Points

• AQR Capital Management LLC increased its investment in Newmont Corporation by 2,054.6%, acquiring 921,929 shares worth approximately $44.38 million.
• Newmont Corporation's recent earnings report showed $1.43 earnings per share, significantly surpassing analyst estimates of $0.95, with a revenue of $5.32 billion.
• The company declared a quarterly dividend of $0.25 per share, representing a 1.3% yield, with a payout ratio of 17.95%.

AQR Capital Management LLC lifted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 2,054.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 921,929 shares of the basic materials company's stock after buying an additional 879,140 shares during the period. AQR Capital Management LLC owned about 0.08% of Newmont worth $44,382,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after buying an additional 1,306,783 shares during the last quarter. Northern Trust Corp grew its holdings in Newmont by 1.5% during the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock valued at $624,458,000 after purchasing an additional 191,940 shares during the last quarter. Amundi grew its holdings in Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock valued at $611,187,000 after purchasing an additional 343,535 shares during the last quarter. Invesco Ltd. grew its holdings in Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after purchasing an additional 228,116 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Newmont by 16.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after purchasing an additional 1,331,278 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on NEM. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Royal Bank Of Canada boosted their price objective on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. CIBC set a $74.00 price objective on Newmont and gave the company a "neutral" rating in a report on Tuesday, July 15th. Finally, Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $65.15.

Insider Buying and Selling

In related news, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the sale, the director owned 38,949 shares of the company's stock, valued at $2,905,205.91. This trade represents a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,246 shares of company stock worth $1,253,559 in the last three months. 0.05% of the stock is owned by insiders.

Newmont Trading Up 0.3%

NEM stock traded up $0.21 during mid-day trading on Tuesday, reaching $75.96. The company had a trading volume of 10,445,168 shares, compared to its average volume of 8,021,443. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The company has a market capitalization of $83.44 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.91 and a beta of 0.34. The firm has a 50 day moving average of $66.30 and a 200 day moving average of $56.41. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $77.30.

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

Newmont Dividend Announcement

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

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.