Assenagon Asset Management S.A. Raises Position in Newmont Corporation $NEM

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Newmont Corporation by 1,502.5%, owning 4,692,606 shares valued at approximately $273.39 million as of its latest SEC filing.
• Several hedge funds, including Bank of New York Mellon Corp and Dimensional Fund Advisors LP, have also boosted their holdings in Newmont, indicating increased institutional interest in the company.
• Newmont recently announced a quarterly dividend of $0.25 per share, with a yield of 1.2%, highlighting its commitment to returning value to shareholders amidst strong earnings growth.

Assenagon Asset Management S.A. grew its position in Newmont Corporation (NYSE:NEM - Free Report) by 1,502.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,692,606 shares of the basic materials company's stock after purchasing an additional 4,399,778 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.42% of Newmont worth $273,391,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of NEM. Bessemer Group Inc. lifted its position 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 buying an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Newmont during the first quarter worth $423,000. Spire Wealth Management grew its stake in shares of Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after purchasing an additional 1,309 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Newmont in the first quarter valued at about $202,000. Finally, Bayforest Capital Ltd boosted its position in shares of Newmont by 269.4% during the first quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company's stock worth $426,000 after buying an additional 6,439 shares during the period. Institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NEM. Scotiabank raised their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Monday, July 28th. UBS Group raised their price objective on Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a research note on Friday. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. CIBC raised their price objective on Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a research note on Friday, September 12th. Finally, National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Four analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $72.31.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 38,949 shares in the company, valued at approximately $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 have sold 19,246 shares of company stock valued at $1,253,559 in the last ninety days. 0.05% of the stock is owned by company insiders.

Newmont Price Performance

NEM traded up $3.36 on Friday, reaching $81.68. The stock had a trading volume of 42,531,051 shares, compared to its average volume of 9,262,297. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $82.05. The firm has a 50-day moving average of $69.47 and a 200-day moving average of $58.42. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $89.72 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 0.96 and a beta of 0.34.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is currently 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.