Assenagon Asset Management S.A. Decreases Position in Newmont Corporation $NEM

Assenagon Asset Management S.A. trimmed its position in Newmont Corporation (NYSE:NEM) by 51.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 266,343 shares of the basic materials company’s stock after selling 284,462 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Newmont were worth $28,832,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. GoalVest Advisory LLC purchased a new position in shares of Newmont in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new stake in shares of Newmont in the fourth quarter worth approximately $26,000. Cornerstone Planning Group LLC increased its position in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares in the last quarter. JPL Wealth Management LLC acquired a new position in Newmont in the 3rd quarter valued at $27,000. Finally, Lodestone Wealth Management LLC purchased a new position in Newmont in the 4th quarter valued at $28,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NEM shares. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Canadian Imperial Bank of Commerce set a $175.00 price target on shares of Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. Canaccord Genuity Group boosted their price objective on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Argus lifted their price target on Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Finally, TD raised their price target on shares of Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a report on Monday, April 27th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.50.

Newmont Stock Performance

Shares of NEM opened at $96.09 on Friday. The company has a market capitalization of $102.58 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.58 and a beta of 0.42. Newmont Corporation has a 52-week low of $55.37 and a 52-week high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $107.94 and a 200 day moving average price of $110.78.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.25 EPS. Research analysts predict that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, May 27th. Newmont’s dividend payout ratio is currently 13.49%.

Insider Transactions at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This trade represents a 16.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. This represents a 6.08% 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. In the last ninety days, insiders sold 28,556 shares of company stock worth $3,120,276. 0.06% of the stock is owned by company insiders.

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.