Oddo BHF Asset Management Sas Increases Position in Newmont Corporation $NEM

Key Points

• Oddo BHF Asset Management increased its Newmont position by 22.3% in the first quarter, bringing its holdings to 157,384 shares worth approximately $17.0 million. Institutional investors collectively own 68.85% of the company.
• Analysts maintain a positive outlook, with two Strong Buy and 18 Buy ratings. Newmont has a “Moderate Buy” consensus rating and an average price target of $132.83, despite several recent target reductions.
• Newmont reported quarterly EPS of $2.10, exceeding estimates, while revenue of $6.12 billion fell short of expectations. The company also declared a $0.26 quarterly dividend, representing a 1.1% annualized yield.

Oddo BHF Asset Management Sas grew its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 22.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 157,384 shares of the basic materials company's stock after purchasing an additional 28,668 shares during the period. Oddo BHF Asset Management Sas' holdings in Newmont were worth $17,037,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NEM. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont in the first quarter valued at $25,000. Cedar Mountain Advisors LLC acquired a new position in Newmont during the 1st quarter worth about $25,000. Swiss RE Ltd. purchased a new position in Newmont during the 4th quarter valued at about $26,000. Cornerstone Planning Group LLC boosted its holdings in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 206 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in Newmont in the 3rd quarter valued at about $27,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Bank of America cut their price target on shares of Newmont from $157.00 to $132.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. The Goldman Sachs Group lowered their price objective on shares of Newmont from $122.50 to $111.40 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $168.00 price objective on shares of Newmont in a report on Tuesday. BMO Capital Markets reduced their target price on shares of Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a report on Tuesday, June 23rd. Finally, TD Cowen reissued a "buy" rating on shares of Newmont in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $132.83.

Newmont Price Performance

Shares of NYSE NEM opened at $91.34 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The company has a market cap of $96.24 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.02 and a beta of 0.46. The stock's 50-day moving average is $99.02 and its two-hundred day moving average is $109.65. Newmont Corporation has a 1-year low of $61.76 and a 1-year high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The business had revenue of $6.12 billion during the quarter, compared to analysts' expectations of $6.35 billion. During the same quarter last year, the business posted $1.43 EPS. Analysts forecast that Newmont Corporation will post 8.99 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 1.1%. Newmont's dividend payout ratio (DPR) is 13.13%.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total value of $277,140.00. Following the sale, the executive vice president directly owned 43,315 shares of the company's stock, valued at approximately $4,001,439.70. This represents a 6.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the firm'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 sale, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. 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 28,556 shares of company stock worth $3,058,146 over the last three months. Insiders own 0.06% of the company's stock.

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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