TD Asset Management Inc Increases Position in Newmont Corporation $NEM

TD Asset Management Inc boosted its holdings in Newmont Corporation (NYSE:NEM) by 10.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,475,125 shares of the basic materials company’s stock after acquiring an additional 133,841 shares during the quarter. TD Asset Management Inc’s holdings in Newmont were worth $147,291,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of NEM. GoalVest Advisory LLC purchased a new stake in Newmont in the fourth quarter worth about $25,000. Physician Wealth Advisors Inc. grew its holdings in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares during the period. Cornerstone Planning Group LLC grew its holdings in Newmont by 312.1% in the fourth 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 period. JPL Wealth Management LLC purchased a new stake in Newmont in the third quarter worth about $27,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Newmont in the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.9%

Shares of NYSE NEM opened at $108.46 on Friday. The company has a market cap of $115.79 billion, a PE ratio of 14.07, a P/E/G ratio of 1.78 and a beta of 0.42. The firm’s 50 day moving average price is $111.74 and its 200-day moving average price is $109.62. Newmont Corporation has a 52-week low of $52.08 and a 52-week high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 earnings per share. On average, equities research analysts expect 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. Investors of record on Wednesday, May 27th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. Newmont’s dividend payout ratio is 13.49%.

Insider Activity at Newmont

In related news, insider David John Thornton sold 2,296 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the transaction, the executive vice president owned 46,315 shares in the company, valued at approximately $4,877,895.80. This trade represents a 6.08% 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. Insiders have sold 49,950 shares of company stock valued at $5,494,288 over the last quarter. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of recent research reports. BMO Capital Markets upped their price objective on shares of Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Canaccord Genuity Group upped their target price on shares of Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Bank of America upped their target price on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, Stifel Nicolaus upped their target price on shares of Newmont from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.07.

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Record gold prices are putting Newmont back in focus, reinforcing the stock’s appeal as a major gold producer and potential beneficiary of sustained strength in bullion. Record Gold Prices Put Newmont Back In Market Focus
• Positive Sentiment: RBC Capital maintained an outperform rating on Newmont despite lowering its price target to $140, signaling continued confidence in upside from current levels. RBC price target update
• Positive Sentiment: Recent bullish research also highlighted Newmont’s strong free cash flow, solid liquidity, and the company’s $6 billion buyback authorization as supportive long-term fundamentals. Newmont: Gold’s Volatility Creates A Long-Term Opportunity
• Neutral Sentiment: Insider selling by CEO Natascha Viljoen and EVP Peter Toth was disclosed, but both trades were made under pre-arranged Rule 10b5-1 plans, which makes them less likely to signal a negative change in outlook.
• Neutral Sentiment: Some recent articles suggest Newmont may be trading near fair value after its sharp multi-month rally, so investors are weighing whether most of the near-term upside is already priced in. A Look At Newmont (NEM) Valuation As Shares Trade Near Estimated Fair Value
• Negative Sentiment: One market note warned that after a roughly 96% one-year surge, Newmont could face limited additional upside if gold prices or mining sentiment cool off. Is It Too Late To Reassess Newmont (NEM) After Its 1 Year 96% Surge?

Newmont 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.