OP Asset Management Ltd Invests $12.12 Million in Newmont Corporation $NEM

OP Asset Management Ltd purchased a new position in shares of Newmont Corporation (NYSE:NEM) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 112,008 shares of the basic materials company’s stock, valued at approximately $12,125,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Apella Capital LLC increased its position in Newmont by 4.1% during the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock worth $219,000 after buying an additional 86 shares during the period. New Wave Wealth Advisors LLC grew its stake in shares of Newmont by 1.3% in the fourth quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock valued at $684,000 after acquiring an additional 88 shares in the last quarter. Novem Group increased its position in Newmont by 3.7% during the fourth quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock worth $248,000 after acquiring an additional 88 shares during the period. Norden Group LLC increased its position in Newmont by 0.7% during the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock worth $1,235,000 after acquiring an additional 90 shares during the period. Finally, Parkside Financial Bank & Trust raised its stake in Newmont by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company’s stock worth $714,000 after purchasing an additional 96 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. BNP Paribas Exane cut their price objective on Newmont from $128.00 to $111.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Royal Bank Of Canada decreased their price target on shares of Newmont from $160.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, June 3rd. Scotiabank lowered their price objective on Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research report on Friday, March 20th. Bank of America lifted their target price on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Jefferies Financial Group lifted their target price on Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.50.

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont received key regulatory approvals for its Red Chris Block Cave project in British Columbia, allowing a transition to block caving and extending the mine’s life into the 2040s. The project is also expected to boost copper output in Canada, which supports longer-term production growth. Newmont Secures Red Chris Approval For A Copper Push Into The 2040s
• Positive Sentiment: BMO Capital Markets cut its price target to $135 from $145 but maintained an “outperform” rating, signaling analysts still see meaningful upside from current levels. BMO Capital Adjusts Price Target on Newmont
• Positive Sentiment: Newmont was included on a Zacks “Strong Buy” value-stocks list, which may reinforce investor interest in the name as a quality/value play. Best Value Stocks to Buy for June 23rd
• Neutral Sentiment: Coverage highlighted Newmont as a stock drawing S&P 500 attention and benefiting from strong gold prices, but these articles were more thematic than event-driven.
• Negative Sentiment: The stock has also been under pressure from a short-term pullback, with recent articles noting weaker trading momentum and a retreat from recent highs. Newmont Corporation (NEM) Dips More Than Broader Market: What You Should Know

Newmont Stock Performance

NYSE NEM opened at $93.75 on Thursday. The company has a market cap of $100.08 billion, a P/E ratio of 12.16, a PEG ratio of 1.62 and a beta of 0.42. The company has a fifty day simple moving average of $108.76 and a 200 day simple moving average of $110.85. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same period last year, the firm earned $1.25 earnings per share. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. Sell-side analysts predict that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. Newmont’s dividend payout ratio (DPR) is currently 13.49%.

Insiders Place Their Bets

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $315,960.00. Following the sale, the executive vice president directly owned 46,315 shares in the company, valued at approximately $4,877,895.80. This trade represents a 6.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 28,556 shares of company stock worth $3,120,276 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

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.