Independent Advisor Alliance Raises Stock Holdings in Newmont Corporation $NEM

Independent Advisor Alliance boosted its holdings in Newmont Corporation (NYSE:NEM) by 34.2% in the fourth quarter, HoldingsChannel reports. The firm owned 26,035 shares of the basic materials company’s stock after purchasing an additional 6,636 shares during the period. Independent Advisor Alliance’s holdings in Newmont were worth $2,600,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NEM. Assetmark Inc. boosted its holdings in Newmont by 398.3% in the fourth 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. Boston Partners lifted its holdings in Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock worth $585,828,000 after buying an additional 2,288,653 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock worth $349,288,000 after buying an additional 2,146,905 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock worth $189,963,000 after buying an additional 1,914,286 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Newmont by 171.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company’s stock worth $143,068,000 after buying an additional 1,582,324 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In related news, insider David John Thornton sold 2,296 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 value of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at $2,550,477.93. This trade represents a 9.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This 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 43,068 shares of company stock valued at $4,769,475 in the last quarter. 0.06% of the stock is owned by insiders.

Newmont Stock Down 2.2%

Shares of Newmont stock opened at $116.32 on Friday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The business’s 50 day simple moving average is $112.16 and its 200-day simple moving average is $107.03. The stock has a market capitalization of $124.18 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.65 and a beta of 0.43. Newmont Corporation has a twelve month low of $48.40 and a twelve month high of $134.88.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 EPS. Equities research analysts forecast that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio (DPR) is currently 13.49%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NEM. Argus increased their target price on Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Stifel Nicolaus increased their target price on Newmont from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Wall Street Zen upgraded Newmont from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Jefferies Financial Group increased their price target on Newmont from $162.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, April 10th. Finally, UBS Group dropped their price target on Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $142.51.

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.