Dorsey Wright & Associates Grows Holdings in Newmont Corporation $NEM

Key Points

• Dorsey Wright & Associates increased its stake in Newmont by 7% in the fourth quarter, bringing its holdings to 150,179 shares worth about $15 million. Newmont is now the firm’s 5th-largest position and makes up 3.3% of its portfolio.
• Institutional ownership remains heavy, with several major funds adding to Newmont positions, including Norges Bank, Van ECK, Arrowstreet Capital, and AQR Capital. Overall, institutions own 68.85% of the stock.
• Newmont’s recent fundamentals and analyst sentiment remain mixed-to-bullish: it beat quarterly EPS and revenue estimates, and most analysts rate it a Buy or Strong Buy with an average price target of $140.98, though some firms have trimmed targets and insiders have recently sold shares.

Dorsey Wright & Associates increased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 150,179 shares of the basic materials company's stock after purchasing an additional 9,834 shares during the quarter. Newmont accounts for 3.3% of Dorsey Wright & Associates' investment portfolio, making the stock its 5th biggest position. Dorsey Wright & Associates' holdings in Newmont were worth $14,995,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Newmont in the fourth quarter worth about $1,443,128,000. Van ECK Associates Corp lifted its stake in shares of Newmont by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock valued at $2,973,539,000 after acquiring an additional 5,643,496 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Newmont by 110.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company's stock valued at $873,011,000 after acquiring an additional 4,588,018 shares during the period. AQR Capital Management LLC boosted its holdings in Newmont by 82.5% during the 4th quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company's stock valued at $739,117,000 after acquiring an additional 3,345,543 shares during the period. Finally, Assetmark Inc. grew its position in Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after acquiring an additional 2,294,396 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares in the company, valued at approximately $4,877,895.80. This represents a 6.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last ninety days, insiders have sold 28,556 shares of company stock worth $3,120,276. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NEM has been the topic of a number of analyst reports. National Bank Financial lifted their price target on Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a research note on Friday, April 24th. Macquarie Infrastructure dropped their price objective on Newmont from $133.00 to $123.00 and set an "outperform" rating for the company in a research note on Monday. Barclays started coverage on shares of Newmont in a report on Thursday, May 21st. They issued an "overweight" rating and a $133.00 target price on the stock. Scotiabank decreased their target price on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a research note on Friday, March 20th. Finally, BMO Capital Markets upped their price target on shares of Newmont from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and an average target price of $140.98.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Several recent reports remain constructive on Newmont’s longer-term outlook, including coverage highlighting the company as a key name in gold mining and analyst commentary pointing to meaningful upside versus current levels. Why Newmont Remains a Key Name In Gold Mining?
• Positive Sentiment: Zacks Research upgraded Newmont from “hold” to “strong-buy,” while another Zacks piece said the stock could have about 30% upside based on Wall Street price targets, reinforcing bullish analyst sentiment. Does Newmont (NEM) Have the Potential to Rally 30.14% as Wall Street Analysts Expect?
• Neutral Sentiment: Newmont announced a management refresh, including new CFO, COO, and technical chief appointments effective July 1. This could support execution over time, but near-term investors may be waiting to see how the new team performs. Newmont (NEM) Appoints New CFO COO And Technical Chief Under Natascha Viljoen
• Negative Sentiment: BNP Paribas Exane cut its price target on Newmont from $128 to $111 and kept a “neutral” rating, which may be weighing on sentiment despite the target still sitting above the current share price. BNP Paribas Exane adjusts price target on Newmont to 111 from 128, maintains neutral rating
• Negative Sentiment: Recent trading commentary noted that Newmont fell even as the broader market moved higher, suggesting investors are taking profits or reacting cautiously after a strong run in the stock. Newmont Corporation (NEM) Stock Falls Amid Market Uptick: What Investors Need to Know

Newmont Stock Down 1.7%

Shares of NYSE:NEM opened at $103.86 on Friday. The stock's 50-day moving average is $110.31 and its 200 day moving average is $110.61. The company has a market cap of $110.88 billion, a PE ratio of 13.47, a P/E/G ratio of 1.75 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 1 year low of $55.37 and a 1 year high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same quarter last year, the business posted $1.25 EPS. The business's revenue was up 45.8% on a year-over-year basis. Sell-side analysts anticipate that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont's payout ratio is 13.49%.

Newmont Company Profile

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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