Jupiter Asset Management Ltd. Takes $8.10 Million Position in Newmont Corporation $NEM

Jupiter Asset Management Ltd. acquired a new stake in shares of Newmont Corporation (NYSE:NEM) during the 4th quarter, Holdings Channel reports. The fund acquired 81,113 shares of the basic materials company’s stock, valued at approximately $8,099,000.

A number of other institutional investors have also recently made changes to their positions in NEM. Foundations Investment Advisors LLC raised its stake in shares of Newmont by 11.8% in the fourth quarter. Foundations Investment Advisors LLC now owns 4,046 shares of the basic materials company’s stock worth $404,000 after purchasing an additional 426 shares during the last quarter. Baker Avenue Asset Management LP lifted its position in Newmont by 103.1% during the fourth quarter. Baker Avenue Asset Management LP now owns 2,155 shares of the basic materials company’s stock valued at $215,000 after purchasing an additional 71,831 shares during the period. Thoroughbred Financial Services LLC grew its position in Newmont by 135.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 7,616 shares of the basic materials company’s stock worth $760,000 after purchasing an additional 4,380 shares during the period. Huntington National Bank lifted its holdings in shares of Newmont by 9.6% during the 4th quarter. Huntington National Bank now owns 11,706 shares of the basic materials company’s stock valued at $1,169,000 after buying an additional 1,024 shares during the period. Finally, IPG Investment Advisors LLC purchased a new stake in Newmont during the fourth quarter valued at $1,606,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

NYSE:NEM opened at $109.60 on Friday. The business’s 50-day simple moving average is $110.89 and its two-hundred day simple moving average is $108.96. Newmont Corporation has a 52 week low of $51.80 and a 52 week high of $134.88. The stock has a market cap of $117.01 billion, a PE ratio of 14.22 and a beta of 0.43. 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 earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm’s revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the business posted $1.25 earnings per share. As a group, analysts forecast that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued 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 of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio (DPR) is 13.49%.

Insider Activity at Newmont

In other news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares in the company, valued at $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction 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 transaction, the insider owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their position. 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 three months, insiders have sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on NEM shares. TD Securities reiterated a “hold” rating and issued a $129.00 price objective on shares of Newmont in a research note on Monday, April 27th. National Bank Financial lifted their target price on Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research report on Friday, April 24th. Macquarie Infrastructure raised their price objective on Newmont from $130.00 to $133.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Bank of America lifted their price objective on Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Friday, April 3rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average price target of $141.53.

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.