Swiss National Bank Cuts Stock Holdings in Newmont Corporation $NEM

Swiss National Bank trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 7.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,173,505 shares of the basic materials company’s stock after selling 238,900 shares during the quarter. Swiss National Bank owned approximately 0.29% of Newmont worth $267,558,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Physician Wealth Advisors Inc. increased its holdings in shares of Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 236 shares during the period. Capital A Wealth Management LLC lifted its stake in shares of Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 478 shares during the last quarter. Caldwell Trust Co bought a new stake in Newmont during the second quarter valued at about $31,000. Country Trust Bank purchased a new position in Newmont in the second quarter valued at about $32,000. Finally, CoreFirst Bank & Trust purchased a new position in Newmont in the second quarter valued at about $32,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on NEM. TD Securities decreased their price target on shares of Newmont from $120.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, March 3rd. Royal Bank Of Canada lifted their price objective on shares of Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Canadian Imperial Bank of Commerce reduced their price objective on shares of Newmont from $71.00 to $67.00 in a research note on Friday, February 27th. National Bank Financial increased their target price on shares of Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Finally, Canaccord Genuity Group raised their target price on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Newmont currently has an average rating of “Buy” and a consensus target price of $134.15.

Newmont Price Performance

Shares of NYSE NEM opened at $116.37 on Monday. Newmont Corporation has a fifty-two week low of $42.03 and a fifty-two week high of $134.88. The company has a market cap of $126.60 billion, a PE ratio of 18.21, a P/E/G ratio of 0.92 and a beta of 0.39. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The business has a 50-day simple moving average of $117.25 and a two-hundred day simple moving average of $97.14.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.71. The firm had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.40 earnings per share. As a group, equities analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, March 3rd. This is a positive change from Newmont’s previous quarterly dividend of $0.25. Newmont’s dividend payout ratio (DPR) is currently 16.28%.

About Newmont

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.