Harvest Fund Management Co. Ltd Raises Stock Position in Newmont Corporation $NEM

Harvest Fund Management Co. Ltd increased its stake in Newmont Corporation (NYSE:NEM) by 55.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,114 shares of the basic materials company’s stock after acquiring an additional 5,057 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Newmont were worth $1,409,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GoalVest Advisory LLC acquired a new stake in Newmont during the 4th quarter worth $25,000. JPL Wealth Management LLC acquired a new stake in Newmont during the 3rd quarter worth $27,000. Cornerstone Planning Group LLC boosted its stake in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares during the last quarter. Lodestone Wealth Management LLC acquired a new stake in Newmont during the 4th quarter worth $28,000. Finally, Laurel Wealth Advisors LLC acquired a new stake in Newmont during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Key Headlines Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

Insider Activity

In other news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the transaction, 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, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders have sold 49,950 shares of company stock worth $5,494,288. Insiders own 0.06% of the company’s stock.

Newmont Trading Down 7.9%

Shares of NEM stock opened at $99.77 on Friday. The company’s 50-day moving average price is $111.70 and its 200-day moving average price is $109.55. 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 stock has a market cap of $106.51 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.80 and a beta of 0.42. Newmont Corporation has a twelve month low of $52.08 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, beating the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion for 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%. The company’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 EPS. As a group, equities analysts predict that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Newmont’s payout ratio is presently 13.49%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NEM. Barclays began coverage on shares of Newmont in a research note on Thursday, May 21st. They set an “overweight” rating and a $133.00 target price on the stock. Macquarie Infrastructure lifted their target price on shares of Newmont from $130.00 to $133.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. BNP Paribas Exane lifted their target price on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research note on Monday, March 2nd. Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $121.00 to $157.00 in a research note on Friday, February 27th. Finally, BMO Capital Markets lifted their target price on shares of Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Two investment 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, Newmont currently has an average rating of “Moderate Buy” and an average price target of $142.07.

Newmont Company 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.