Ninepoint Partners LP Takes $1.86 Million Position in Newmont Corporation $NEM

Ninepoint Partners LP purchased a new stake in Newmont Corporation (NYSE:NEM) during the second quarter, Holdings Channel reports. The institutional investor purchased 19,930 shares of the basic materials company’s stock, valued at approximately $1,861,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Leonteq Securities AG acquired a new position in Newmont in the fourth quarter valued at about $9,018,000. ARS Investment Partners LLC increased its stake in Newmont by 3.6% during the 4th quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock worth $69,602,000 after purchasing an additional 23,900 shares in the last quarter. Private Advisory Group LLC acquired a new stake in Newmont during the 2nd quarter worth approximately $10,430,000. Thrivent Financial for Lutherans raised its holdings in Newmont by 37.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 214,282 shares of the basic materials company’s stock worth $21,440,000 after buying an additional 58,690 shares during the period. Finally, iA Global Asset Management Inc. lifted its stake in Newmont by 156.9% in the fourth quarter. iA Global Asset Management Inc. now owns 221,790 shares of the basic materials company’s stock valued at $22,146,000 after buying an additional 135,446 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of research analyst reports. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Jefferies Financial Group lowered their target price on Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a report on Monday, July 6th. Weiss Ratings downgraded Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Scotiabank boosted their price target on Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Finally, Citigroup reduced their price objective on Newmont from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $132.59.

Newmont Stock Performance

Shares of NEM stock opened at $127.86 on Friday. Newmont Corporation has a 12 month low of $68.90 and a 12 month high of $134.88. The company’s fifty day simple moving average is $100.96 and its 200-day simple moving average is $108.80. The firm has a market cap of $134.72 billion, a PE ratio of 16.14, a P/E/G ratio of 1.29 and a beta of 0.47. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter last year, the firm earned $1.43 earnings per share. Equities research analysts expect that Newmont Corporation will post 8.99 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont’s dividend payout ratio is currently 13.13%.

Insider Activity

In related news, CEO Natascha Viljoen sold 7,764 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the transaction, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the transaction, the executive vice president owned 40,315 shares of the company’s stock, valued at approximately $3,767,436.75. This represents a 6.93% 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 32,091 shares of company stock worth $3,292,513 in the last quarter. Corporate 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.