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Candriam S.C.A. Boosts Stock Position in Newmont Corporation $NEM

Newmont logo with Basic Materials background

Key Points

  • Candriam S.C.A. increased its stake in Newmont Corporation by 22.7%, holding a total of 130,348 shares valued at approximately $6.29 million as of the end of the recent reporting period.
  • Analysts have significantly raised their price targets for Newmont, with Royal Bank of Canada increasing its target from $52.00 to $66.00 and several other firms providing bullish outlooks.
  • Newmont reported strong earnings, with $1.43 EPS surpassing analyst estimates, contributing to a 20.8% year-over-year revenue increase of $5.32 billion.
  • Looking to export and analyze Newmont data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Candriam S.C.A. grew its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 22.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 130,348 shares of the basic materials company's stock after acquiring an additional 24,132 shares during the period. Candriam S.C.A.'s holdings in Newmont were worth $6,293,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in NEM. Nuveen LLC purchased a new stake in shares of Newmont during the first quarter worth $306,507,000. Pacer Advisors Inc. lifted its position in shares of Newmont by 4,203.5% during the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock worth $259,580,000 after acquiring an additional 5,251,616 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Newmont during the fourth quarter worth $92,693,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Newmont during the fourth quarter worth $75,435,000. Finally, Man Group plc lifted its position in shares of Newmont by 42.2% during the fourth quarter. Man Group plc now owns 5,030,228 shares of the basic materials company's stock worth $187,225,000 after acquiring an additional 1,493,843 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on NEM. Royal Bank Of Canada increased their target price on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. UBS Group increased their price objective on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Scotiabank increased their price objective on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Cfra Research upgraded Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Four analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and an average price target of $64.58.

Get Our Latest Stock Report on Newmont

Newmont Stock Up 1.6%

NEM opened at $70.0730 on Friday. The stock has a market cap of $76.97 billion, a PE ratio of 12.58, a P/E/G ratio of 0.82 and a beta of 0.30. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.76. The business's fifty day simple moving average is $62.21 and its 200 day simple moving average is $53.83.

Newmont (NYSE:NEM - Get Free Report) last released its 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. The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The firm's revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. As a group, research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. Newmont's payout ratio is currently 17.95%.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $132,221.82. Following the transaction, the director owned 41,026 shares in the company, valued at approximately $2,611,715.16. The trade was a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,246 shares of company stock worth $1,373,251. Company insiders own 0.05% of the company's stock.

Newmont Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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