AssuredPartners Investment Advisors LLC Takes Position in Newmont Corporation $NEM

AssuredPartners Investment Advisors LLC purchased a new stake in Newmont Corporation (NYSE:NEM) in the 3rd quarter, HoldingsChannel reports. The firm purchased 26,223 shares of the basic materials company’s stock, valued at approximately $2,211,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in Newmont in the second quarter worth approximately $919,170,000. Invesco Ltd. boosted its holdings in Newmont by 45.0% in 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 in the last quarter. Boston Partners raised its holdings in Newmont by 4,090.7% during the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after buying an additional 4,532,263 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Newmont by 1,502.5% during the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock valued at $273,391,000 after buying an additional 4,399,778 shares in the last quarter. Finally, LSV Asset Management acquired a new stake in shares of Newmont in the second quarter worth about $187,206,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 1.5%

NEM stock opened at $99.64 on Tuesday. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $102.13. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market cap of $108.73 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 0.68 and a beta of 0.41. The business’s 50-day simple moving average is $88.08 and its 200 day simple moving average is $74.57.

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

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is 15.53%.

Analysts Set New Price Targets

NEM has been the subject of a number of recent analyst reports. UBS Group upped their target price on Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Citigroup upped their price objective on shares of Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. National Bankshares raised their target price on shares of Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. BNP Paribas lowered shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 target price for the company. in a research report on Friday, December 5th. Finally, Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $96.37.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,240 shares of company stock worth $943,985 in the last three months. Insiders own 0.05% of the company’s stock.

Newmont 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.