Lombard Odier Asset Management Switzerland SA Grows Stock Holdings in Newmont Corporation $NEM

Lombard Odier Asset Management Switzerland SA boosted its stake in Newmont Corporation (NYSE:NEM) by 26.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,836 shares of the basic materials company’s stock after acquiring an additional 14,642 shares during the period. Lombard Odier Asset Management Switzerland SA’s holdings in Newmont were worth $4,127,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. grew its stake in shares of Newmont by 4.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 168,025 shares of the basic materials company’s stock valued at $9,789,000 after purchasing an additional 6,521 shares during the last quarter. Certuity LLC acquired a new stake in shares of Newmont during the second quarter worth $531,000. CoreFirst Bank & Trust purchased a new position in Newmont in the 2nd quarter valued at $32,000. Tandem Financial LLC increased its stake in Newmont by 14.3% in the 2nd quarter. Tandem Financial LLC now owns 10,164 shares of the basic materials company’s stock valued at $592,000 after buying an additional 1,275 shares during the period. Finally, SVB Wealth LLC acquired a new stake in shares of Newmont in the 2nd quarter worth $350,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Price Performance

NEM stock opened at $88.96 on Tuesday. The firm has a 50 day moving average of $87.01 and a 200-day moving average of $73.03. The company has a market cap of $97.08 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 0.63 and a beta of 0.41. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.Newmont’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period last year, the business posted $0.81 EPS. As a group, equities analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders 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 dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NEM. Citigroup raised their price objective on shares of Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Jefferies Financial Group reissued a “buy” rating and set a $120.00 target price on shares of Newmont in a research note on Sunday. UBS Group raised their price target on Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a report on Monday, December 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a report on Monday, December 1st. Finally, BNP Paribas cut Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price objective for the company. in a research report on Friday. Five analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Newmont has an average rating of “Buy” and a consensus target price of $94.89.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 11,240 shares of company stock worth $943,985 over the last quarter. Insiders own 0.05% of the company’s stock.

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.