Lazard Asset Management LLC Acquires 22,393 Shares of Newmont Corporation $NEM

Lazard Asset Management LLC lifted its stake in Newmont Corporation (NYSE:NEM) by 31.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 94,414 shares of the basic materials company’s stock after purchasing an additional 22,393 shares during the period. Lazard Asset Management LLC’s holdings in Newmont were worth $10,220,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in NEM. Cedar Mountain Advisors LLC purchased a new position in Newmont during the first quarter valued at $25,000. Pinnacle Bancorp Inc. purchased a new position in Newmont in the first quarter worth about $25,000. Swiss RE Ltd. bought a new position in Newmont in the 4th quarter valued at approximately $26,000. Cornerstone Planning Group LLC boosted its stake in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares during the last quarter. Finally, Lodestone Wealth Management LLC purchased a new stake in Newmont during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total transaction of $277,140.00. Following the completion of the sale, the executive vice president owned 43,315 shares of the company’s stock, valued at $4,001,439.70. This represents a 6.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the transaction, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This trade represents a 9.02% 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 sold 28,556 shares of company stock worth $3,058,146 over the last 90 days. 0.06% of the stock is owned by company insiders.

Newmont Price Performance

NYSE NEM opened at $91.34 on Thursday. The stock has a market capitalization of $96.24 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.02 and a beta of 0.46. Newmont Corporation has a 1-year low of $61.76 and a 1-year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The business’s fifty day moving average price is $99.02 and its 200-day moving average price is $109.65.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same quarter in the previous year, the company posted $1.43 earnings per share. On average, equities analysts predict that Newmont Corporation will post 8.99 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, September 3rd. Newmont’s payout ratio is currently 13.13%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on NEM shares. Argus boosted their price target on Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. BNP Paribas Exane dropped their price objective on Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Wall Street Zen downgraded Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Barclays decreased their target price on Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Weiss Ratings downgraded shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $132.83.

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.