Generali Asset Management SPA SGR Cuts Stock Holdings in Newmont Corporation $NEM

Generali Asset Management SPA SGR lessened its position in Newmont Corporation (NYSE:NEM) by 7.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 746,694 shares of the basic materials company’s stock after selling 56,945 shares during the quarter. Newmont makes up about 1.3% of Generali Asset Management SPA SGR’s portfolio, making the stock its 11th largest holding. Generali Asset Management SPA SGR’s holdings in Newmont were worth $62,954,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its position in Newmont by 176.4% during the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock worth $26,098,000 after buying an additional 285,897 shares in the last quarter. Knights of Columbus Asset Advisors LLC increased its stake in shares of Newmont by 59.6% in the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after acquiring an additional 5,848 shares during the last quarter. Generate Investment Management Ltd raised its holdings in shares of Newmont by 25.9% during the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after acquiring an additional 77,865 shares during the period. Midwest Trust Co acquired a new position in shares of Newmont during the 2nd quarter valued at about $4,424,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Newmont by 73.3% in the third quarter. Farther Finance Advisors LLC now owns 30,056 shares of the basic materials company’s stock valued at $2,534,000 after purchasing an additional 12,717 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

NYSE:NEM opened at $99.76 on Friday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $106.34. 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 company has a 50 day moving average price of $91.26 and a 200 day moving average price of $78.58. The stock has a market capitalization of $108.86 billion, a P/E ratio of 15.49, a PEG ratio of 0.69 and a beta of 0.40.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 20.0% compared to the same quarter last year. Equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

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

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction dated Monday, November 3rd. The stock was 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 directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,080 shares of the 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 sale, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,160 shares of company stock valued at $767,206 over the last 90 days. 0.05% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on NEM. Argus lifted their target price on shares of Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Macquarie upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Bank of America upped their price objective on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Raymond James Financial reiterated an “outperform” rating and issued a $111.00 price objective on shares of Newmont in a research report on Monday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a research report on Monday. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $97.08.

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.