Tobam Buys 29,031 Shares of Newmont Corporation $NEM

Tobam grew its stake in shares of Newmont Corporation (NYSE:NEM) by 70.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,115 shares of the basic materials company’s stock after buying an additional 29,031 shares during the quarter. Newmont accounts for approximately 1.6% of Tobam’s portfolio, making the stock its 25th largest holding. Tobam’s holdings in Newmont were worth $4,085,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new position in Newmont during the 1st quarter valued at $306,507,000. Pacer Advisors Inc. grew its stake in shares of Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after acquiring an additional 5,251,616 shares during the last quarter. Boston Partners raised its holdings in Newmont by 4,081.8% in the second quarter. Boston Partners now owns 4,633,175 shares of the basic materials company’s stock worth $271,982,000 after buying an additional 4,522,381 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Newmont by 1,502.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock valued at $273,391,000 after acquiring an additional 4,399,778 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in Newmont by 1,074.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock worth $116,416,000 after buying an additional 2,206,017 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This trade represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 11,237 shares of company stock worth $906,799. Insiders own 0.05% of the company’s stock.

Newmont Trading Up 1.9%

NEM stock opened at $89.94 on Wednesday. The firm has a market cap of $98.15 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The firm has a fifty day moving average price of $83.70 and a 200 day moving average price of $68.14. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 EPS. Sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s payout ratio is presently 15.53%.

Analyst Ratings Changes

Several analysts recently commented on NEM shares. CIBC set a $112.00 price objective on Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Raymond James Financial set a $99.00 target price on shares of Newmont and gave the stock an “outperform” rating in a report on Friday, October 24th. Royal Bank Of Canada raised their target price on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. TD Securities upped their price target on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Finally, Bank of America lifted their target price on shares of Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.99.

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.