Assetmark Inc. Grows Holdings in Newmont Corporation $NEM

Key Points

• Assetmark Inc. increased its stake in Newmont by 6.1% in the first quarter, adding 174,179 shares to bring its holdings to 3,044,674 shares valued at about $329.6 million.
• Newmont posted strong quarterly results, reporting $2.90 EPS versus the $2.07 consensus and revenue of $7.31 billion, both beating analyst expectations and reflecting 45.8% year-over-year revenue growth.
• The stock has faced recent pressure amid a 4.6% decline, insider selling, and mixed analyst sentiment, including a Zacks downgrade to “hold” even as the broader consensus remains a “Moderate Buy.”

Assetmark Inc. lifted its stake in Newmont Corporation (NYSE:NEM - Free Report) by 6.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,044,674 shares of the basic materials company's stock after acquiring an additional 174,179 shares during the quarter. Assetmark Inc. owned 0.29% of Newmont worth $329,586,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in NEM. Brighton Jones LLC raised its holdings in shares of Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after buying an additional 1,847 shares during the period. Woodline Partners LP increased its stake in Newmont by 40.7% during the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock worth $4,644,000 after purchasing an additional 27,813 shares during the period. Sivia Capital Partners LLC purchased a new stake in Newmont during the second quarter worth about $240,000. Cerity Partners LLC lifted its position in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock worth $7,303,000 after purchasing an additional 65,342 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Newmont by 8.5% during the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock worth $2,854,000 after purchasing an additional 3,856 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Stock Down 4.6%

NEM stock opened at $90.83 on Friday. The company's 50 day moving average price is $102.85 and its 200 day moving average price is $110.35. 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 Corporation has a fifty-two week low of $56.73 and a fifty-two week high of $134.88. The firm has a market capitalization of $96.96 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 1.08 and a beta of 0.46.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same quarter in the previous year, the business posted $1.25 EPS. The firm's revenue was up 45.8% on a year-over-year basis. On average, equities research analysts anticipate that Newmont Corporation will post 9.32 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. Newmont's payout ratio is 13.49%.

Insider Activity

In other Newmont news, insider David John Thornton sold 2,296 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares of the company's stock, valued at $15,060,654.68. This trade represents a 2.64% 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. In the last three months, insiders have sold 28,556 shares of company stock worth $3,058,146. 0.06% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Citigroup restated a "positive" rating on shares of Newmont in a report on Wednesday. UBS Group reduced their target price on shares of Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Weiss Ratings cut shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. National Bank Financial cut their price objective on Newmont from $140.00 to $125.00 and set a "sector perform" rating on the stock in a research report on Tuesday. Finally, Canaccord Genuity Group upped their price objective on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $136.26.

Key Newmont News

Here are the key news stories impacting Newmont this week:

• Negative Sentiment: Zacks Research downgraded Newmont from “strong-buy” to “hold,” adding to near-term pressure on the stock. Newmont was downgraded by Zacks Research from "strong-buy" to "hold".
• Negative Sentiment: Investors are also worried about the upcoming quarterly report, as coverage notes Newmont may not have the setup for an earnings beat even though EPS is expected to grow. Newmont Corporation (NEM) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Neutral Sentiment: Newmont resumed operations at its Cadia mine after a seismic event, and management said inspections found no injuries or damage. That removes an operational overhang, but the company still faces higher costs and softer gold prices. Newmont (NEM) Resumes Cadia Operations As It Pushes Ahead With Key Growth Projects
• Positive Sentiment: Several analysts remain constructive, with reports pointing to improved operational efficiency, growing free cash flow, and share buybacks as Newmont works through Newcrest integration. Did Analyst Upgrades and Buybacks Just Shift Newmont's (NEM) Operational Efficiency Investment Narrative?
• Positive Sentiment: Some analysts also argued Newmont looks undervalued, citing permits that could unlock major copper-gold resources and support a production rebound. Newmont: The Permits That Set The Stage For A Re-Rating

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.

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