Generate Investment Management Ltd Purchases 77,865 Shares of Newmont Corporation $NEM

Key Points

• Generate Investment Management Ltd increased its holdings in Newmont Corporation by 25.9%, acquiring an additional 77,865 shares, bringing its total ownership to 378,975 shares valued at approximately $22 million.
• Newmont announced a quarterly dividend of $0.25 per share, translating to an annualized yield of 1.2%, with the payout set for September 29th.
• Recent analyst updates on Newmont show mixed ratings, with Zacks Research downgrading it to "hold" while National Bank Financial upgraded it to a "strong-buy", indicating varying investor sentiment around the stock.

Generate Investment Management Ltd boosted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 25.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 378,975 shares of the basic materials company's stock after purchasing an additional 77,865 shares during the quarter. Newmont comprises about 1.2% of Generate Investment Management Ltd's investment portfolio, making the stock its 26th largest position. Generate Investment Management Ltd's holdings in Newmont were worth $22,079,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bessemer Group Inc. boosted its stake in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after purchasing an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in shares of Newmont during the first quarter valued at approximately $423,000. Spire Wealth Management grew its stake in shares of Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after buying an additional 1,309 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Newmont during the 1st quarter worth approximately $202,000. Finally, Bayforest Capital Ltd boosted its holdings in Newmont by 269.4% during the 1st quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company's stock valued at $426,000 after acquiring an additional 6,439 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NEM has been the topic of several recent analyst reports. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. CIBC lifted their target price on Newmont from $74.00 to $78.00 and gave the company a "neutral" rating in a research report on Friday, September 12th. Raymond James Financial increased their price target on Newmont from $77.00 to $84.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 23rd. Finally, BNP Paribas Exane lifted their price objective on Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a report on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $73.38.

Newmont Stock Performance

Shares of NEM stock opened at $85.17 on Monday. The firm has a 50 day moving average of $72.02 and a two-hundred day moving average of $59.93. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $93.55 billion, a PE ratio of 15.29, a P/E/G ratio of 0.99 and a beta of 0.33. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $86.62.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. The business's quarterly revenue was up 20.8% compared to the same quarter last year. On average, 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. Investors of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Insider Activity at Newmont

In related 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the transaction, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. This trade represents a 5.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,246 shares of company stock valued at $1,253,559 in the last ninety days. 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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