Convergence Investment Partners LLC Has $1.46 Million Stock Position in Newmont Corporation $NEM

Convergence Investment Partners LLC lowered its position in Newmont Corporation (NYSE:NEM) by 25.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,615 shares of the basic materials company’s stock after selling 4,865 shares during the quarter. Convergence Investment Partners LLC’s holdings in Newmont were worth $1,459,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NEM. Assetmark Inc. grew its stake in Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after purchasing an additional 2,294,396 shares in the last quarter. Boston Partners grew its stake in Newmont by 49.3% in the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after purchasing an additional 2,288,653 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Newmont by 106.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock valued at $349,288,000 after purchasing an additional 2,146,905 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Newmont by 142.0% in the second quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock valued at $189,963,000 after purchasing an additional 1,914,286 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Newmont by 171.6% in the second quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company’s stock valued at $143,068,000 after purchasing an additional 1,582,324 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In other news, insider David James Fry sold 18,394 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the sale, the executive vice president owned 49,315 shares of the company’s stock, valued at approximately $5,430,074.65. This trade represents a 5.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 43,068 shares of company stock worth $4,769,475. Insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of recent research reports. National Bank Financial boosted their target price on Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research note on Friday, April 24th. Canadian Imperial Bank of Commerce lowered their target price on Newmont from $177.00 to $176.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 21st. Wall Street Zen upgraded Newmont from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Citigroup boosted their target price on Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Finally, Argus boosted their target price on Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $142.51.

Newmont Stock Performance

NEM opened at $108.93 on Friday. The company has a market cap of $116.29 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.52 and a beta of 0.43. The stock has a 50-day moving average of $111.96 and a 200-day moving average of $107.04. Newmont Corporation has a 52-week low of $48.61 and a 52-week high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44.

Newmont (NYSE:NEM) last released its quarterly earnings results 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 company had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 EPS. As a group, equities research analysts forecast that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio is 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.