Pacer Advisors Inc. Boosts Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• Pacer Advisors Inc. significantly increased its holdings in Newmont Corporation by 4,203.5% in Q1, owning approximately 5.37 million shares valued at $259.6 million as of their latest SEC filing.
• Newmont reported a quarterly earnings per share (EPS) of $1.43, exceeding the consensus estimate by $0.48, and its revenue was up 20.8% compared to the previous year.
• Institutional investors now hold 68.85% of Newmont's stock, indicating strong institutional interest in the company.

Pacer Advisors Inc. increased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 4,203.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,376,551 shares of the basic materials company's stock after purchasing an additional 5,251,616 shares during the period. Pacer Advisors Inc. owned approximately 0.48% of Newmont worth $259,580,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers grew its stake in shares of Newmont by 37.8% during the first quarter. Cetera Investment Advisers now owns 186,105 shares of the basic materials company's stock valued at $8,985,000 after buying an additional 51,039 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in Newmont by 29.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 20,643 shares of the basic materials company's stock valued at $997,000 after acquiring an additional 4,659 shares during the period. Brookwood Investment Group LLC bought a new position in Newmont during the 1st quarter worth approximately $221,000. ANTIPODES PARTNERS Ltd increased its stake in Newmont by 39.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 479,396 shares of the basic materials company's stock worth $23,147,000 after purchasing an additional 135,480 shares during the period. Finally, Sound Shore Management Inc. CT lifted its position in Newmont by 7.9% in the first quarter. Sound Shore Management Inc. CT now owns 288,105 shares of the basic materials company's stock valued at $13,910,000 after purchasing an additional 21,165 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

Newmont Price Performance

NEM opened at $61.57 on Friday. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25. The company has a market cap of $68.52 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 0.90 and a beta of 0.33. The stock has a fifty day simple moving average of $56.74 and a two-hundred day simple moving average of $50.28. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $62.56.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the business earned $0.72 EPS. Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. Research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on NEM shares. National Bankshares restated a "sector perform" rating on shares of Newmont in a report on Tuesday, June 24th. Stifel Nicolaus assumed coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective on the stock. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. UBS Group raised their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Finally, CIBC set a $74.00 price target on Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $62.49.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the transaction, the director directly owned 43,103 shares in the company, valued at $2,532,301.25. This trade represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president directly owned 77,526 shares of the company's stock, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,231 shares of company stock valued at $679,813 over the last quarter. Company insiders own 0.05% of the company's stock.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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