Weiss Asset Management LP Has $469,000 Stock Holdings in Newmont Corporation $NEM

Weiss Asset Management LP trimmed its position in Newmont Corporation (NYSE:NEM) by 97.9% during the first quarter, Holdings Channel reports. The institutional investor owned 4,337 shares of the basic materials company’s stock after selling 206,891 shares during the quarter. Weiss Asset Management LP’s holdings in Newmont were worth $469,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in NEM. CWM LLC increased its stake in shares of Newmont by 64.6% in the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock valued at $20,259,000 after acquiring an additional 79,617 shares during the last quarter. Leonteq Securities AG bought a new position in Newmont during the 4th quarter worth approximately $9,018,000. ARS Investment Partners LLC boosted its stake in Newmont by 3.6% during the 4th quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock worth $69,602,000 after acquiring an additional 23,900 shares during the last quarter. Ritholtz Wealth Management grew its holdings in Newmont by 67.0% during the fourth quarter. Ritholtz Wealth Management now owns 40,754 shares of the basic materials company’s stock valued at $4,069,000 after purchasing an additional 16,352 shares during the period. Finally, Beacon Harbor Wealth Advisors Inc. acquired a new position in Newmont during the fourth quarter valued at approximately $7,684,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Price Performance

NYSE NEM opened at $91.54 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The stock has a market cap of $96.45 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 1.11 and a beta of 0.46. The business has a 50 day simple moving average of $99.34 and a 200 day simple moving average of $109.76. Newmont Corporation has a 52-week low of $61.76 and a 52-week high of $134.88.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates 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 firm posted $1.43 earnings per share. Analysts anticipate that Newmont Corporation will post 8.92 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is presently 13.13%.

Wall Street Analyst Weigh In

Several research firms have weighed in on NEM. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $168.00 target price on shares of Newmont in a report on Tuesday. Royal Bank Of Canada decreased their price target on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. The Goldman Sachs Group decreased their price target on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a report on Wednesday, July 1st. Barclays lowered their price objective on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, TD Securities upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $132.83.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total value of $277,140.00. Following the sale, the executive vice president directly owned 43,315 shares of the company’s stock, valued at approximately $4,001,439.70. The trade was a 6.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. The trade was a 9.02% 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. Over the last 90 days, insiders sold 28,556 shares of company stock valued at $3,058,146. 0.06% of the stock is owned by insiders.

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.