Newmont Corporation $NEM Stock Position Lessened by Bank Julius Baer & Co. Ltd Zurich

Key Points

• Bank Julius Baer reduced its Newmont stake by 16.1% in the third quarter, selling 12,586 shares and retaining 65,792 shares valued at approximately $7.6 million. Institutional investors collectively own 68.85% of NEM.
• Analysts remain broadly bullish, with Newmont holding a “Moderate Buy” consensus rating and an average price target of $137.20. Recent targets range from $140 to $155, despite one downgrade to “Hold.”
• Newmont reported stronger-than-expected quarterly results, posting $2.20 in earnings per share and $6.36 billion in revenue, while announcing a quarterly dividend of $0.26 per share, equivalent to a 1.0% annual yield.

Bank Julius Baer & Co. Ltd Zurich reduced its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 16.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,792 shares of the basic materials company's stock after selling 12,586 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich's holdings in Newmont were worth $7,591,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in NEM. Accel Wealth Management boosted its stake in Newmont by 0.8% during the 2nd quarter. Accel Wealth Management now owns 14,744 shares of the basic materials company's stock valued at $1,377,000 after purchasing an additional 115 shares during the last quarter. Compound Planning Inc. grew its holdings in Newmont by 0.6% during the first quarter. Compound Planning Inc. now owns 21,192 shares of the basic materials company's stock worth $2,294,000 after buying an additional 121 shares in the last quarter. Center for Financial Planning Inc. raised its position in Newmont by 6.7% in the 3rd quarter. Center for Financial Planning Inc. now owns 1,921 shares of the basic materials company's stock valued at $222,000 after buying an additional 121 shares during the last quarter. Zhang Financial LLC raised its position in Newmont by 0.8% in the 1st quarter. Zhang Financial LLC now owns 15,768 shares of the basic materials company's stock valued at $1,707,000 after buying an additional 124 shares during the last quarter. Finally, Heartland Bank & Trust Co boosted its holdings in Newmont by 3.0% during the 1st quarter. Heartland Bank & Trust Co now owns 4,331 shares of the basic materials company's stock worth $469,000 after acquiring an additional 127 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NEM shares. BMO Capital Markets increased their price objective on shares of Newmont from $135.00 to $145.00 and gave the company an "outperform" rating in a research note on Tuesday, September 29th. RBC Dominion Securities set a $155.00 price target on Newmont and gave the company an "outperform" rating in a research report on Thursday, October 22nd. Citigroup increased their price target on Newmont from $125.00 to $140.00 and gave the company a "buy" rating in a research report on Tuesday, October 20th. Scotiabank dropped their price target on Newmont from $149.00 to $148.00 and set an "outperform" rating on the stock in a report on Tuesday, October 27th. Finally, Wall Street Zen cut Newmont from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $137.20.

Newmont Stock Up 2.3%

Shares of NYSE NEM opened at $109.03 on Tuesday. The stock has a market capitalization of $113.31 billion, a PE ratio of 12.68, a P/E/G ratio of 2.07 and a beta of 0.51. Newmont Corporation has a one year low of $78.60 and a one year high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The business's fifty day moving average price is $120.16 and its 200-day moving average price is $112.46.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.26. The company had revenue of $6.36 billion during the quarter, compared to analysts' expectations of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.71 earnings per share. On average, equities research analysts anticipate that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 25th. Newmont's dividend payout ratio (DPR) is currently 12.09%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $445,692.42. Following the completion of the sale, the chief executive officer directly owned 127,471 shares in the company, valued at $14,634,945.51. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the transaction, the executive vice president directly owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. This represents a 8.04% 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. Insiders sold a total of 32,973 shares of company stock worth $3,646,819 over the last three months. 0.06% of the stock is owned by insiders.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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