Pictet Asset Management Holding SA Boosts Position in Newmont Corporation $NEM

Pictet Asset Management Holding SA raised its position in Newmont Corporation (NYSE:NEM) by 13.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 772,367 shares of the basic materials company’s stock after purchasing an additional 92,191 shares during the period. Pictet Asset Management Holding SA owned about 0.07% of Newmont worth $83,520,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in NEM. Norges Bank purchased a new position in Newmont during the 4th quarter valued at about $1,443,128,000. Van ECK Associates Corp lifted its holdings in shares of Newmont by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Newmont by 110.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock valued at $873,011,000 after purchasing an additional 4,588,018 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Newmont by 82.5% in the fourth quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock valued at $739,117,000 after purchasing an additional 3,345,543 shares during the last quarter. Finally, Assetmark Inc. increased its stake in shares of Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after purchasing an additional 2,294,396 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other Newmont news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 sold a total of 28,556 shares of company stock valued at $3,120,276 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NEM shares. Citigroup upped 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. BMO Capital Markets dropped their price target on Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. TD Cowen reissued a “buy” rating on shares of Newmont in a report on Monday, April 27th. Zacks Research upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 15th. Finally, Jefferies Financial Group lifted their price objective on Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $140.50.

Newmont Stock Down 1.6%

NEM stock opened at $94.63 on Tuesday. The company has a 50 day moving average price of $107.56 and a two-hundred day moving average price of $110.94. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The stock has a market capitalization of $101.02 billion, a P/E ratio of 12.27, a PEG ratio of 1.59 and a beta of 0.42. Newmont Corporation has a one year low of $55.37 and a one year high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same quarter in the prior year, the company posted $1.25 EPS. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, sell-side analysts expect that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were given a dividend of $0.26 per share. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.1%. 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.