Andra AP fonden Lowers Stock Holdings in Newmont Corporation $NEM

Andra AP fonden cut its stake in shares of Newmont Corporation (NYSE:NEM) by 3.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 209,503 shares of the basic materials company’s stock after selling 6,500 shares during the period. Andra AP fonden’s holdings in Newmont were worth $19,568,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Newmont during the second quarter worth approximately $11,289,753,000. State Street Corp increased its stake in Newmont by 1.0% in the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock valued at $4,988,491,000 after buying an additional 480,223 shares during the period. Van ECK Associates Corp raised its position in Newmont by 23.4% during the 4th 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 during the last quarter. Geode Capital Management LLC raised its position in Newmont by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after buying an additional 946,824 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Newmont in the 4th quarter worth $1,443,128,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NEM has been the subject of several analyst reports. Scotiabank increased their price target on shares of Newmont from $147.00 to $149.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. BNP Paribas Exane reduced their price target on Newmont from $111.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Canaccord Genuity Group dropped their price objective on Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. National Bank Financial reduced their target price on Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Finally, Citigroup lowered their price target on shares of Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $133.07.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $369,000.00. Following the completion of the transaction, the executive vice president directly owned 37,315 shares of the company’s stock, valued at $4,589,745. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $477,486.00. Following the sale, the chief executive officer directly owned 131,353 shares in the company, valued at approximately $16,156,419. The trade was a 2.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 32,091 shares of company stock valued at $3,414,187. 0.06% of the stock is owned by corporate insiders.

Newmont Price Performance

Shares of Newmont stock traded up $2.01 on Tuesday, hitting $125.06. The company’s stock had a trading volume of 1,498,605 shares, compared to its average volume of 8,885,422. The company has a market capitalization of $131.77 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 1.72 and a beta of 0.52. Newmont Corporation has a 52-week low of $76.05 and a 52-week high of $135.29. The firm has a fifty day moving average price of $113.83 and a 200-day moving average price of $109.64. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the previous year, the business posted $1.43 earnings per share. On average, equities research analysts expect that Newmont Corporation will post 9.09 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be paid a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. Newmont’s dividend payout ratio is presently 13.13%.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.