Avanza Fonder AB Purchases 12,431 Shares of Newmont Corporation $NEM

Key Points

• Avanza Fonder AB increased its stake in Newmont Corporation by 13.5% during Q2, acquiring an additional 12,431 shares, bringing its total holdings to 104,280 shares valued at approximately $6.1 million.
• Institutional investors currently hold 68.85% of Newmont's stock, indicating strong interest from large investment firms amidst various upgrades by analysts, including Royal Bank Of Canada's increase of the stock's target price from $66 to $95.
• Newmont announced a quarterly dividend of $0.25 per share, representing a 1.2% yield, with a payout ratio of 17.95% as it continues to show strong financial performance, including $1.43 earnings per share for the last quarter.

Avanza Fonder AB grew its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 13.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,280 shares of the basic materials company's stock after buying an additional 12,431 shares during the quarter. Avanza Fonder AB's holdings in Newmont were worth $6,075,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of Newmont by 8.9% during 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 in the last quarter. Northern Trust Corp raised its holdings in shares of Newmont by 1.5% in the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after purchasing an additional 191,940 shares during the period. Amundi raised its holdings in shares of Newmont by 2.8% in the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock worth $611,187,000 after purchasing an additional 343,535 shares during the period. Invesco Ltd. raised its holdings in shares of Newmont by 2.2% in the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock worth $518,936,000 after purchasing an additional 228,116 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Newmont by 15.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company's stock worth $423,572,000 after purchasing an additional 1,201,237 shares during the period. Institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

NEM has been the topic of a number of research reports. Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $66.00 to $95.00 in a report on Wednesday, September 10th. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group lifted their price objective on shares of Newmont from $63.10 to $77.30 and gave the company a "neutral" rating in a research note on Thursday, September 11th. Raymond James Financial lifted their price objective on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" 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 given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.31.

Newmont Stock Performance

NYSE NEM opened at $81.68 on Friday. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $82.05. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company has a market capitalization of $89.72 billion, a P/E ratio of 14.66, a P/E/G ratio of 0.96 and a beta of 0.34. The company has a fifty day moving average of $69.47 and a 200-day moving average of $58.42.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion during 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 firm's revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 earnings per share. As a group, equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont's payout ratio is currently 17.95%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were 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 of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the business'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 of the company's stock, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,246 shares of company stock valued at $1,253,559 over the last three months. Insiders own 0.05% of the company's stock.

Newmont 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.

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