Qtron Investments LLC Boosts Holdings in Newmont Corporation $NEM

Key Points

• Qtron Investments LLC increased its Newmont stake by 63.5% in the fourth quarter, buying 10,853 more shares and bringing its total to 27,945 shares worth about $2.79 million.
• Analysts remain broadly bullish on Newmont, with a consensus rating of Moderate Buy and an average price target of $142.26. Recent firms either raised targets or reiterated positive ratings, despite one slight cut from Scotiabank.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus expectations of $2.07 and revenue of $7.31 billion versus $6.83 billion. The company also announced a quarterly dividend of $0.26 per share, payable June 22.

Qtron Investments LLC increased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 63.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,945 shares of the basic materials company's stock after purchasing an additional 10,853 shares during the period. Qtron Investments LLC's holdings in Newmont were worth $2,790,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Apella Capital LLC lifted its position in Newmont by 4.1% during the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock worth $219,000 after acquiring an additional 86 shares during the period. New Wave Wealth Advisors LLC lifted its position in Newmont by 1.3% during the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company's stock worth $684,000 after acquiring an additional 88 shares during the period. Novem Group lifted its position in Newmont by 3.7% during the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company's stock worth $248,000 after acquiring an additional 88 shares during the period. Norden Group LLC lifted its position in Newmont by 0.7% during the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company's stock worth $1,235,000 after acquiring an additional 90 shares during the period. Finally, Coston McIsaac & Partners lifted its position in Newmont by 28.6% during the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock worth $44,000 after acquiring an additional 100 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NEM has been the subject of several recent analyst reports. Scotiabank reduced their price target on Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a report on Friday, March 20th. Bank of America raised their price target on Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Macquarie Infrastructure raised their price target on Newmont from $130.00 to $133.00 and gave the company an "outperform" rating in a report on Monday, April 27th. Canaccord Genuity Group raised their price target on Newmont from $150.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, TD Cowen reissued a "buy" rating on shares of Newmont in a report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $142.26.

Insider Activity

In related news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the transaction, the chief executive officer directly owned 142,999 shares of the company's stock, valued at approximately $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,950 shares of company stock valued at $5,494,288 in the last 90 days. Insiders own 0.06% of the company's stock.

Newmont Stock Up 5.1%

NEM opened at $97.52 on Friday. The business has a 50 day simple moving average of $111.21 and a 200-day simple moving average of $110.05. The stock has a market capitalization of $104.11 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.54 and a beta of 0.42. Newmont Corporation has a 12 month low of $54.14 and a 12 month high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.Newmont's revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 earnings per share. On average, equities analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.1%. Newmont's payout ratio is currently 13.49%.

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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