Invesco Ltd. Trims Holdings in Newmont Corporation $NEM

Invesco Ltd. reduced its position in shares of Newmont Corporation (NYSE:NEM) by 10.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,950,517 shares of the basic materials company’s stock after selling 1,637,400 shares during the period. Invesco Ltd. owned 1.28% of Newmont worth $1,176,168,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NEM. Physician Wealth Advisors Inc. lifted its stake in shares of Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares during the period. Harbor Capital Advisors Inc. boosted its position in Newmont by 53.5% during the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 139 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in Newmont in the 3rd quarter worth approximately $44,000. Capital A Wealth Management LLC grew its stake in Newmont by 1,648.3% in the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 478 shares during the period. Finally, Reyes Financial Architecture Inc. acquired a new position in Newmont in the 3rd quarter valued at $44,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Down 1.7%

Shares of NYSE NEM opened at $114.26 on Friday. The stock has a market capitalization of $124.30 billion, a PE ratio of 17.88, a P/E/G ratio of 0.90 and a beta of 0.39. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average of $118.56 and a 200-day moving average of $98.06. Newmont Corporation has a 52-week low of $42.93 and a 52-week high of $134.88.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The business had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. During the same period last year, the company posted $1.40 EPS. The business’s quarterly revenue was up 20.6% on a year-over-year basis. On average, analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

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

Analysts Set New Price Targets

NEM has been the topic of a number of recent analyst reports. Citigroup increased their price target on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Sanford C. Bernstein upgraded Newmont from a “market perform” rating to an “outperform” rating and upped their target price for the company from $121.00 to $157.00 in a research note on Friday, February 27th. TD Securities reduced their target price on Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, March 3rd. Royal Bank Of Canada raised their price target on Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Finally, Zacks Research upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 5th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Buy” and a consensus target price of $134.15.

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.