ARS Investment Partners LLC Has $56.75 Million Stock Position in Newmont Corporation $NEM

ARS Investment Partners LLC reduced its stake in shares of Newmont Corporation (NYSE:NEM) by 2.6% during the third quarter, Holdings Channel reports. The firm owned 673,163 shares of the basic materials company’s stock after selling 17,744 shares during the quarter. Newmont makes up approximately 3.7% of ARS Investment Partners LLC’s portfolio, making the stock its 5th biggest position. ARS Investment Partners LLC’s holdings in Newmont were worth $56,754,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new stake in Newmont during the 2nd quarter valued at approximately $919,170,000. Invesco Ltd. lifted its stake in shares of Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after purchasing an additional 4,839,447 shares during the period. Boston Partners boosted its position in shares of 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 purchasing an additional 4,532,263 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Newmont by 1,502.5% in the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after purchasing an additional 4,399,778 shares during the period. Finally, LSV Asset Management bought a new position in Newmont in the second quarter worth $187,206,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NYSE:NEM opened at $104.72 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The firm has a market cap of $114.27 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 0.73 and a beta of 0.41. The business has a 50-day simple moving average of $89.95 and a two-hundred day simple moving average of $76.76. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $105.73.

Newmont (NYSE:NEM) last posted 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 company 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 business earned $0.81 earnings per share. Newmont’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, November 26th. Newmont’s dividend payout ratio is 15.53%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NEM. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. TD Securities boosted their price target on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. BNP Paribas lowered Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price objective for the company. in a research report on Friday, December 5th. Royal Bank Of Canada boosted their target price on Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $120.00 price target on shares of Newmont in a report on Sunday, December 7th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Newmont presently has an average rating of “Buy” and a consensus price target of $96.37.

Newmont Profile

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.