Federated Hermes Inc. Increases Position in Newmont Corporation $NEM

Federated Hermes Inc. increased its stake in shares of Newmont Corporation (NYSE:NEM) by 234.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 938,023 shares of the basic materials company’s stock after buying an additional 657,328 shares during the period. Federated Hermes Inc. owned about 0.09% of Newmont worth $54,649,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Newmont during the 2nd quarter worth approximately $919,170,000. Invesco Ltd. raised its holdings in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares during the last quarter. Northern Trust Corp boosted its position in Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock worth $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Amundi boosted its position in Newmont by 2.8% during the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock worth $611,187,000 after purchasing an additional 343,535 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Newmont by 15.9% in the first quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock valued at $423,572,000 after purchasing an additional 1,201,237 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares of the company’s stock, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,240 shares of company stock worth $943,985 over the last three months. Corporate insiders own 0.05% of the company’s stock.

Newmont Trading Down 0.9%

Shares of NEM opened at $88.96 on Tuesday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The company has a market capitalization of $97.08 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 0.63 and a beta of 0.41. The stock has a fifty day moving average of $87.01 and a two-hundred day moving average of $73.03. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio is presently 15.53%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Argus boosted their price objective on shares of Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Royal Bank Of Canada upped their price target on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. BNP Paribas Exane cut shares of Newmont from an “outperform” rating to a “neutral” rating and set a $97.00 price objective for the company. in a research note on Friday. TD Securities lifted their price objective on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Finally, Macquarie upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $94.89.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.