Allspring Global Investments Holdings LLC Buys 187,746 Shares of Newmont Corporation $NEM

Allspring Global Investments Holdings LLC increased its stake in Newmont Corporation (NYSE:NEM) by 18.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,184,872 shares of the basic materials company’s stock after acquiring an additional 187,746 shares during the period. Allspring Global Investments Holdings LLC owned about 0.11% of Newmont worth $134,827,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Newmont during the 4th quarter valued at about $1,443,128,000. Van ECK Associates Corp boosted its stake in Newmont by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after buying an additional 5,643,496 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Newmont by 110.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock valued at $873,011,000 after acquiring an additional 4,588,018 shares during the last quarter. AQR Capital Management LLC grew its position in Newmont by 82.5% during the fourth quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock valued at $739,117,000 after acquiring an additional 3,345,543 shares during the last quarter. Finally, Assetmark Inc. grew its holdings in shares of Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after purchasing an additional 2,294,396 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Trending Headlines about Newmont

Here are the key news stories impacting Newmont this week:

• Negative Sentiment: Zacks Research downgraded Newmont from “strong-buy” to “hold,” adding to near-term pressure on the stock. Newmont was downgraded by Zacks Research from “strong-buy” to “hold”.
• Negative Sentiment: Investors are also worried about the upcoming quarterly report, as coverage notes Newmont may not have the setup for an earnings beat even though EPS is expected to grow. Newmont Corporation (NEM) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Neutral Sentiment: Newmont resumed operations at its Cadia mine after a seismic event, and management said inspections found no injuries or damage. That removes an operational overhang, but the company still faces higher costs and softer gold prices. Newmont (NEM) Resumes Cadia Operations As It Pushes Ahead With Key Growth Projects
• Positive Sentiment: Several analysts remain constructive, with reports pointing to improved operational efficiency, growing free cash flow, and share buybacks as Newmont works through Newcrest integration. Did Analyst Upgrades and Buybacks Just Shift Newmont’s (NEM) Operational Efficiency Investment Narrative?
• Positive Sentiment: Some analysts also argued Newmont looks undervalued, citing permits that could unlock major copper-gold resources and support a production rebound. Newmont: The Permits That Set The Stage For A Re-Rating

Insider Buying and Selling

In other Newmont news, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the sale, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Wexler sold 13,378 shares of Newmont stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 67,865 shares of the company’s stock, valued at $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold 28,556 shares of company stock valued at $3,058,146 over the last ninety days. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NYSE NEM opened at $90.83 on Friday. The company has a 50 day simple moving average of $102.85 and a two-hundred day simple moving average of $110.35. Newmont Corporation has a fifty-two week low of $56.73 and a fifty-two week high of $134.88. The company has a market capitalization of $96.96 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 1.08 and a beta of 0.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same period in the previous year, the firm posted $1.25 EPS. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. Analysts expect that Newmont Corporation will post 9.32 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were issued a dividend of $0.26 per share. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. Newmont’s dividend payout ratio (DPR) is presently 13.49%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Barclays reduced their target price on Newmont from $133.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday. BMO Capital Markets decreased their target price on Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a report on Tuesday, June 23rd. National Bank Financial dropped their price target on Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research note on Tuesday. Finally, Canadian Imperial Bank of Commerce set a $175.00 price target on shares of Newmont and gave the company an “outperform” rating in a report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $136.26.

About Newmont

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.