Erste Asset Management GmbH Cuts Position in Newmont Corporation $NEM

Key Points

• Erste Asset Management reduced its stake in Newmont by 12.1% in the fourth quarter, selling 43,992 shares and leaving it with 318,219 shares worth about $31.7 million.
• Newmont’s latest earnings topped expectations, with EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, up 45.8% from a year earlier.
• Analysts remain generally positive on the stock despite some target cuts: Newmont has a consensus rating of “Moderate Buy”, and the company also announced a quarterly dividend of $0.26 per share.

Erste Asset Management GmbH lessened its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 12.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 318,219 shares of the basic materials company's stock after selling 43,992 shares during the period. Erste Asset Management GmbH's holdings in Newmont were worth $31,695,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Apella Capital LLC boosted its stake in shares of Newmont by 4.1% in the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock worth $219,000 after buying an additional 86 shares during the last quarter. New Wave Wealth Advisors LLC raised its holdings in shares of Newmont by 1.3% in the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company's stock worth $684,000 after purchasing an additional 88 shares during the period. Novem Group raised its holdings in shares of Newmont by 3.7% in the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company's stock worth $248,000 after purchasing an additional 88 shares during the period. Norden Group LLC raised its holdings in shares of Newmont by 0.7% in the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company's stock worth $1,235,000 after purchasing an additional 90 shares during the period. Finally, Coston McIsaac & Partners raised its holdings in shares of Newmont by 28.6% in the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock worth $44,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont News Roundup

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Scotiabank lowered their price target on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a report on Friday, March 20th. TD lifted their price target on shares of Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Macquarie Infrastructure lifted their price target on shares of Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Finally, Royal Bank Of Canada lowered their price target on shares of Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average target price of $142.07.

Newmont Trading Up 0.1%

Shares of NEM stock opened at $99.77 on Monday. The company's fifty day simple moving average is $111.70 and its two-hundred day simple moving average is $109.71. 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 $52.08 and a 1 year high of $134.88. The stock has a market capitalization of $106.51 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.65 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The business's revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

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

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares in the company, valued at $4,877,895.80. The trade was a 6.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider owned 23,163 shares of the company's stock, valued at $2,550,477.93. This trade represents a 9.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 49,950 shares of company stock worth $5,494,288. Company insiders own 0.06% of the company's stock.

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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