Newmont Co. (NYSE:NEM) Position Increased by Nordea Investment Management AB

Nordea Investment Management AB lifted its holdings in Newmont Co. (NYSE:NEM) by 173.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,491,126 shares of the basic materials company’s stock after buying an additional 1,578,545 shares during the quarter. Nordea Investment Management AB owned approximately 0.22% of Newmont worth $92,832,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Strategic Financial Concepts LLC bought a new stake in Newmont in the second quarter valued at $25,000. Meeder Asset Management Inc. bought a new stake in Newmont in the 2nd quarter valued at about $27,000. Hoese & Co LLP acquired a new position in Newmont during the 3rd quarter valued at about $27,000. Avior Wealth Management LLC grew its position in Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 shares during the last quarter. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Newmont in the third quarter valued at approximately $28,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NEM has been the subject of a number of recent analyst reports. Jefferies Financial Group increased their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Bernstein Bank raised their price target on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. CLSA assumed coverage on shares of Newmont in a report on Friday, November 29th. They issued an “underperform” rating for the company. Raymond James decreased their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Finally, CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Insider Transactions at Newmont

In related news, Director Harry M. Iv Conger purchased 9,498 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the completion of the acquisition, the director now owns 14,498 shares in the company, valued at $611,090.70. This trade represents a 189.96 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by insiders.

Newmont Trading Up 1.0 %

Shares of NYSE NEM opened at $38.16 on Wednesday. The business has a fifty day simple moving average of $41.15 and a 200-day simple moving average of $46.99. The company has a market cap of $43.44 billion, a price-to-earnings ratio of -25.11, a P/E/G ratio of 0.35 and a beta of 0.50. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the previous year, the business earned $0.36 earnings per share. The business’s quarterly revenue was up 84.7% compared to the same quarter last year. Sell-side analysts predict that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.62%. Newmont’s payout ratio is currently -65.79%.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.