Newmont Corporation $NEM Stake Lifted by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management boosted its Newmont stake by 156.9% in the fourth quarter, ending with 221,790 shares valued at about $22.1 million.
• Newmont reported strong quarterly earnings, with $2.90 EPS beating estimates and revenue of $7.31 billion topping expectations, while revenue rose 45.8% year over year.
• The company declared a quarterly dividend of $0.26 per share, and analysts remain generally positive with a Moderate Buy consensus and an average price target of $142.51.

iA Global Asset Management Inc. increased its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 156.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 221,790 shares of the basic materials company's stock after buying an additional 135,446 shares during the quarter. iA Global Asset Management Inc.'s holdings in Newmont were worth $22,146,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Estate Counselors LLC bought a new position in shares of Newmont in the third quarter worth $4,182,000. CWM LLC grew its stake in shares of Newmont by 64.6% in the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after purchasing an additional 79,617 shares in the last quarter. AustralianSuper Pty Ltd grew its stake in shares of Newmont by 124.8% in the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock worth $27,843,000 after purchasing an additional 183,360 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Newmont by 24.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock worth $30,775,000 after purchasing an additional 54,530 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC grew its stake in shares of Newmont by 286.5% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company's stock worth $5,101,000 after purchasing an additional 44,846 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Down 6.4%

Shares of NEM stock opened at $108.93 on Friday. The stock has a 50-day simple moving average of $111.96 and a 200 day simple moving average of $107.04. Newmont Corporation has a fifty-two week low of $48.61 and a fifty-two week high of $134.88. The stock has a market capitalization of $116.29 billion, a P/E ratio of 14.13, a P/E/G ratio of 1.52 and a beta of 0.43. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last announced 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 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 earnings per share. The company's quarterly revenue was up 45.8% on a year-over-year basis. On average, sell-side analysts expect that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Announces Dividend

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 given a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont's dividend payout ratio (DPR) is 13.49%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. National Bank Financial increased 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. BMO Capital Markets increased their price target on Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Macquarie Infrastructure increased their price target on Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Royal Bank Of Canada raised their target price on Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a research note on Tuesday, February 3rd. Finally, Wall Street Zen raised Newmont from a "buy" rating to a "strong-buy" rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $142.51.

Insider Buying and Selling

In other Newmont news, insider David John Thornton sold 2,296 shares of the business'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 $252,812.56. Following the sale, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the sale, the executive vice president owned 49,315 shares in the company, valued at approximately $5,430,074.65. The trade was a 5.73% 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. Over the last 90 days, insiders sold 43,068 shares of company stock worth $4,769,475. Company insiders own 0.06% of the company's stock.

About Newmont

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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