O Shaughnessy Asset Management LLC Increases Stock Position in Newmont Corporation $NEM

O Shaughnessy Asset Management LLC raised its stake in shares of Newmont Corporation (NYSE:NEM) by 28.5% during the 4th quarter, Holdings Channel reports. The fund owned 328,132 shares of the basic materials company’s stock after purchasing an additional 72,848 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Newmont were worth $32,764,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after purchasing an additional 637,996 shares during the last quarter. Geode Capital Management LLC grew its stake in Newmont by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after purchasing an additional 946,824 shares during the last quarter. Norges Bank purchased a new position in Newmont in the fourth quarter valued at about $1,443,128,000. Bank of New York Mellon Corp raised its holdings in Newmont by 6.7% in the fourth quarter. Bank of New York Mellon Corp now owns 11,622,479 shares of the basic materials company’s stock worth $1,160,505,000 after purchasing an additional 725,012 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Newmont by 9.6% during the third quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock valued at $687,223,000 after buying an additional 711,940 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the sale, the chief executive officer owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David James Fry sold 18,394 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the transaction, the insider directly owned 17,147 shares in the company, valued at $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is owned by corporate insiders.

Newmont Stock Performance

NEM opened at $99.07 on Tuesday. The company has a market cap of $105.76 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 1.65 and a beta of 0.42. 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 firm’s 50-day moving average price is $111.69 and its 200-day moving average price is $109.80. Newmont Corporation has a 52-week low of $52.08 and a 52-week high of $134.88.

Newmont (NYSE:NEM) last released its 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. The company had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the business earned $1.25 EPS. As a group, equities analysts anticipate 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 will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont’s payout ratio is presently 13.49%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. 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. Argus increased their target price on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Weiss Ratings downgraded shares of Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 27th. Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $121.00 to $157.00 in a report on Friday, February 27th. Finally, Jefferies Financial Group upped their price target on Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $142.26.

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.