Newmont Corporation $NEM Stake Increased by Generali Asset Management SPA SGR

Key Points

• Generali Asset Management increased its Newmont stake by 2.4% in the fourth quarter, bringing its holdings to 764,758 shares valued at about $76.4 million.
• Institutional investors remain heavily invested in Newmont, with hedge funds and other institutions owning about 68.85% of the company’s stock.
• Newmont posted strong quarterly results, beating earnings and revenue estimates, while analysts remain largely positive with a consensus rating of Moderate Buy and an average price target of $142.51.

Generali Asset Management SPA SGR increased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 764,758 shares of the basic materials company's stock after buying an additional 18,064 shares during the period. Newmont comprises about 1.6% of Generali Asset Management SPA SGR's investment portfolio, making the stock its 12th largest position. Generali Asset Management SPA SGR owned approximately 0.07% of Newmont worth $76,361,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in NEM. Assetmark Inc. increased its stake 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 increased its stake 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 increased its stake 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. increased its stake 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 increased its stake 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. Institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other news, EVP Peter Wexler sold 13,378 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 $1,473,051.58. Following the completion of the transaction, the executive vice president owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 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 directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their position. 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. Insiders have sold 43,068 shares of company stock worth $4,769,475 in the last ninety days. 0.06% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Canaccord Genuity Group lifted their price target on shares of Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Argus lifted their price target on shares of Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. TD Cowen restated a "buy" rating on shares of Newmont in a research note on Monday, April 27th. TD Securities restated a "hold" rating and issued a $129.00 price target on shares of Newmont in a research note on Monday, April 27th. Finally, Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research note on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $142.51.

Newmont Stock Down 1.5%

NEM stock opened at $113.38 on Friday. 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 $48.27 and a 1-year high of $134.88. The firm has a fifty day moving average price of $112.91 and a two-hundred day moving average price of $105.96. The firm has a market cap of $121.03 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 1.64 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. Research analysts predict that Newmont Corporation will post 9.5 EPS for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont's payout ratio is presently 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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