TD Asset Management Inc Increases Stake in Newmont Corporation $NEM

TD Asset Management Inc raised its holdings in shares of Newmont Corporation (NYSE:NEM) by 5.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,341,284 shares of the basic materials company’s stock after acquiring an additional 69,882 shares during the quarter. TD Asset Management Inc’s holdings in Newmont were worth $113,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in Newmont in the 2nd quarter worth $919,170,000. Invesco Ltd. increased its position 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 buying an additional 4,839,447 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Newmont by 6.3% in the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock worth $433,236,000 after buying an additional 438,748 shares during the period. Boston Partners lifted its position in shares of Newmont by 4,090.7% during the 2nd 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. Finally, National Pension Service lifted its position in shares of Newmont by 2.7% during the 3rd quarter. National Pension Service now owns 4,354,264 shares of the basic materials company’s stock valued at $367,108,000 after buying an additional 114,949 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.05% of the company’s stock.

Newmont Price Performance

NEM stock opened at $124.76 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The company’s fifty day moving average price is $114.64 and its 200-day moving average price is $94.32. Newmont Corporation has a one year low of $41.23 and a one year high of $134.88. The company has a market capitalization of $135.72 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 1.06 and a beta of 0.40.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.71. The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. Newmont’s quarterly revenue was up 20.6% on a year-over-year basis. During the same period last year, the company posted $1.40 earnings per share. On average, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. This is a positive change from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, March 3rd. Newmont’s payout ratio is presently 15.65%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NEM. DZ Bank raised shares of Newmont to a “strong-buy” rating in a report on Monday, January 19th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $177.00 price target on shares of Newmont in a research report on Wednesday, February 4th. Raymond James Financial raised their price objective on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. BMO Capital Markets lowered their target price on shares of Newmont from $145.00 to $140.00 and set an “outperform” rating on the stock in a research note on Friday, February 20th. Finally, Argus upped their target price on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.88.

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.