Newmont Corporation $NEM Stock Holdings Lessened by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in Newmont by 21%, selling 104,397 shares and now holding 393,157 shares worth about $33.15 million (≈0.8% of Martingale's portfolio; its 21st largest position).
• Other large institutions moved the opposite way — Norges Bank opened a ~ $919 million position and Invesco increased holdings to roughly 15.6 million shares (~$908 million) — leaving institutional ownership around 68.85%.
• Newmont reported stronger-than-expected quarterly results (EPS $2.52 vs. $1.81 est.; revenue $6.82B vs. $6.18B), raised its quarterly dividend to $0.26, and has a MarketBeat consensus rating of "Buy" with a $134.15 target as analysts lift price objectives.

Martingale Asset Management L P cut its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 21.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 393,157 shares of the basic materials company's stock after selling 104,397 shares during the period. Newmont comprises approximately 0.8% of Martingale Asset Management L P's holdings, making the stock its 21st biggest position. Martingale Asset Management L P's holdings in Newmont were worth $33,147,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Norges Bank bought a new position in Newmont in the second quarter worth about $919,170,000. Invesco Ltd. grew its holdings in shares of Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company's stock valued at $908,152,000 after purchasing an additional 4,839,447 shares during the last quarter. Legal & General Group Plc raised its position in shares of Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company's stock worth $687,223,000 after purchasing an additional 711,940 shares during the period. Victory Capital Management Inc. raised its position in shares of Newmont by 33.8% during the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company's stock worth $414,270,000 after purchasing an additional 1,244,845 shares during the period. Finally, Boston Partners lifted its holdings in shares of Newmont by 4,090.7% in the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company's stock worth $272,558,000 after purchasing an additional 4,532,263 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NEM. Scotiabank upped their price objective on Newmont from $114.00 to $152.00 and gave the stock an "outperform" rating in a research note on Monday, January 26th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Newmont in a research note on Monday, December 29th. National Bank Financial boosted their price target on shares of Newmont from $120.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, February 4th. Bank of America upped their price target on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Finally, Argus increased their price objective on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of "Buy" and a consensus target price of $134.15.

Newmont Stock Down 1.7%

NEM opened at $114.26 on Friday. The stock's 50 day moving average price is $118.56 and its 200 day moving average price is $98.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The stock has a market cap of $124.30 billion, a P/E ratio of 17.88, a P/E/G ratio of 0.90 and a beta of 0.39. Newmont Corporation has a 12 month low of $42.93 and a 12 month high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.18 billion. During the same quarter in the previous year, the firm posted $1.40 EPS. The firm's quarterly revenue was up 20.6% on a year-over-year basis. As a group, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be paid a dividend of $0.26 per share. This is an increase from Newmont's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, March 3rd. Newmont's dividend payout ratio (DPR) is presently 16.28%.

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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