Newmont Corporation $NEM Holdings Boosted by E Fund Management Hong Kong Co. Ltd.

Key Points

• E Fund Management Hong Kong dramatically increased its stake in Newmont, boosting holdings by 6,633.5% in the fourth quarter to 67,604 shares valued at about $6.75 million.
• Newmont’s latest earnings beat expectations, with $2.90 EPS versus the $2.07 consensus and revenue of $7.31 billion, up 45.8% from a year ago.
• The company also declared a quarterly dividend of $0.26 per share, payable June 22, while analysts currently rate the stock a Moderate Buy with an average target price of $142.51.

E Fund Management Hong Kong Co. Ltd. increased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 6,633.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,604 shares of the basic materials company's stock after buying an additional 66,600 shares during the quarter. Newmont accounts for about 2.8% of E Fund Management Hong Kong Co. Ltd.'s investment portfolio, making the stock its 8th largest position. E Fund Management Hong Kong Co. Ltd.'s holdings in Newmont were worth $6,750,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in NEM. Assetmark Inc. boosted its holdings in shares of Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after buying an additional 2,294,396 shares during the last quarter. Boston Partners boosted its holdings in shares of Newmont by 49.3% in the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after buying an additional 2,288,653 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Newmont by 106.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock worth $349,288,000 after buying an additional 2,146,905 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Newmont by 142.0% in the second quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after buying an additional 1,914,286 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Newmont by 171.6% in the second quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company's stock worth $143,068,000 after buying an additional 1,582,324 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of research reports. Raymond James Financial raised their price objective on shares of Newmont from $111.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, January 15th. Canadian Imperial Bank of Commerce dropped their price objective on shares of Newmont from $177.00 to $176.00 and set an "outperform" rating on the stock in a report on Tuesday, April 21st. Canaccord Genuity Group raised their price objective on shares of Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. 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, Jefferies Financial Group raised their target price on shares of Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a research note on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued 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 $142.51.

Newmont Price Performance

NYSE NEM opened at $118.99 on Thursday. Newmont Corporation has a 12 month low of $48.27 and a 12 month high of $134.88. The stock has a market cap of $127.02 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 1.66 and a beta of 0.43. The company's 50 day moving average is $112.20 and its two-hundred day moving average is $106.79. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts' consensus estimates of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm's revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 EPS. As a group, research analysts anticipate that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Insider Activity at Newmont

In other news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction that occurred 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 sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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. Also, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is currently owned by corporate insiders.

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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