Ritholtz Wealth Management Increases Stock Position in Newmont Corporation $NEM

Ritholtz Wealth Management grew its holdings in shares of Newmont Corporation (NYSE:NEM) by 21.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 49,615 shares of the basic materials company’s stock after buying an additional 8,861 shares during the period. Ritholtz Wealth Management’s holdings in Newmont were worth $5,371,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank bought a new stake in Newmont during the fourth quarter worth about $1,443,128,000. Van ECK Associates Corp increased its stake in shares of Newmont by 23.4% during 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 increased its stake in shares of Newmont by 110.4% during 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 lifted its holdings in shares of Newmont by 82.5% during 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. lifted its holdings in shares of Newmont by 398.3% during the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after purchasing an additional 2,294,396 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NEM opened at $95.26 on Friday. Newmont Corporation has a twelve month low of $55.37 and a twelve month high of $134.88. The company has a market capitalization of $101.69 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.56 and a beta of 0.42. The firm has a 50 day moving average of $108.28 and a 200 day moving average of $110.89. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same period in the prior year, the firm posted $1.25 EPS. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, equities research analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were paid a $0.26 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. Newmont’s payout ratio is currently 13.49%.

Insiders Place Their Bets

In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at $15,060,654.68. This trade represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 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 $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last ninety days, insiders sold 28,556 shares of company stock valued at $3,120,276. Company insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on NEM shares. Canadian Imperial Bank of Commerce set a $175.00 price target on Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. TD Cowen reissued a “buy” rating on shares of Newmont in a report on Monday, April 27th. Jefferies Financial Group increased their target price on Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Finally, Citigroup raised their price target on Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average price target of $140.50.

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.