Point72 Hong Kong Ltd Acquires 31,926 Shares of Newmont Co. (NYSE:NEM)

Point72 Hong Kong Ltd boosted its holdings in Newmont Co. (NYSE:NEM) by 175.4% in the fourth quarter, HoldingsChannel reports. The firm owned 50,126 shares of the basic materials company’s stock after purchasing an additional 31,926 shares during the period. Point72 Hong Kong Ltd’s holdings in Newmont were worth $1,866,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Van ECK Associates Corp increased its holdings in Newmont by 1.6% in the fourth quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock worth $1,851,606,000 after purchasing an additional 797,445 shares in the last quarter. Geode Capital Management LLC increased its holdings in Newmont by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock worth $919,484,000 after purchasing an additional 1,213,397 shares in the last quarter. Norges Bank bought a new stake in Newmont in the fourth quarter worth approximately $626,074,000. Northern Trust Corp increased its holdings in Newmont by 11.5% in the fourth quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company’s stock worth $474,263,000 after purchasing an additional 1,309,177 shares in the last quarter. Finally, Amundi increased its holdings in Newmont by 14.0% in the fourth quarter. Amundi now owns 12,302,579 shares of the basic materials company’s stock worth $481,400,000 after purchasing an additional 1,507,708 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Up 2.4%

NEM stock opened at $49.82 on Friday. The stock’s fifty day simple moving average is $50.20 and its two-hundred day simple moving average is $44.97. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont Co. has a 1-year low of $36.86 and a 1-year high of $58.72. The stock has a market cap of $55.45 billion, a P/E ratio of 17.00, a P/E/G ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.54. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The business had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the previous year, the firm earned $0.55 earnings per share. Analysts expect that Newmont Co. will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 annualized dividend and a yield of 2.01%. Newmont’s dividend payout ratio is currently 22.42%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the transaction, the executive vice president now owns 86,526 shares of the company’s stock, valued at $3,782,051.46. This represents a 3.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $51.48, for a total value of $106,923.96. Following the transaction, the director now directly owns 47,257 shares in the company, valued at $2,432,790.36. This represents a 4.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,154 shares of company stock valued at $328,840 in the last 90 days. Insiders own 0.05% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on NEM. National Bankshares restated a “sector perform” rating on shares of Newmont in a report on Wednesday, April 23rd. Cfra Research upgraded Newmont to a “strong-buy” rating in a report on Friday, April 25th. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $60.00 in a report on Friday, April 11th. Argus set a $63.00 price objective on Newmont in a report on Friday, April 25th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Newmont in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average price target of $55.63.

About Newmont

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.