Clark Capital Management Group Inc. Raises Stake in Newmont Corporation $NEM

Clark Capital Management Group Inc. raised its position in shares of Newmont Corporation (NYSE:NEM) by 9,809.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 610,814 shares of the basic materials company’s stock after purchasing an additional 604,650 shares during the quarter. Clark Capital Management Group Inc.’s holdings in Newmont were worth $60,990,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of NEM. Norges Bank bought a new stake in shares of Newmont during the fourth quarter valued at approximately $1,443,128,000. Van ECK Associates Corp raised its position in shares of Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after buying an additional 5,643,496 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Newmont by 110.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock valued at $873,011,000 after buying an additional 4,588,018 shares during the last quarter. Assetmark Inc. raised its position in shares of Newmont by 398.3% during the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after buying an additional 2,294,396 shares during the last quarter. Finally, Boston Partners raised its position in shares of Newmont by 49.3% during the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after buying an additional 2,288,653 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 2.5%

Shares of NEM opened at $108.46 on Wednesday. The company’s fifty day moving average is $110.66 and its 200 day moving average is $110.41. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The stock has a market capitalization of $115.79 billion, a PE ratio of 14.07, a P/E/G ratio of 1.75 and a beta of 0.42. 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 announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same quarter in the previous year, the business posted $1.25 earnings per share. Newmont’s quarterly revenue was up 45.8% on a year-over-year basis. Sell-side analysts expect that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders 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 payout ratio is 13.49%.

Insider Activity

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction on 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 owned 67,865 shares in the company, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction on 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 in the company, valued at $15,060,654.68. This trade represents a 2.64% 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. Over the last three months, insiders have sold 28,556 shares of company stock worth $3,120,276. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NEM. Macquarie Infrastructure reduced their price objective on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a research report on Monday. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. BNP Paribas Exane boosted their price target on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. UBS Group reduced their price target on shares of Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. Finally, Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $141.79.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont announced key executive appointments, naming veteran insiders to the CFO, COO, and CTO roles starting July 1. Investors often view management continuity and promoting experienced leaders as a sign of operational stability and smoother execution. Newmont Announces Key Executive Appointments for the Next Phase of Delivery
• Positive Sentiment: Several recent commentaries highlighted Newmont as a value idea and a Zacks Rank #1 stock, which can boost investor interest and reinforce the bullish case for the shares. Best Value Stocks to Buy for June 16th
• Positive Sentiment: Gold-price optimism is helping sentiment around Newmont, with reports suggesting the recent gold pullback may be more of a reset than a trend reversal. As one of the largest gold miners, Newmont tends to benefit when investors expect gold to rebound. Gold’s Correction Looks More Like a Reset. Newmont and These 4 Stocks Are Buys.
• Neutral Sentiment: Analyst and media coverage continues to keep Newmont in focus, including pieces on whether the stock remains attractive versus peers like Agnico Eagle Mines. This keeps attention high, but does not by itself change fundamentals. NEM or AEM: Which Is the Better Value Stock Right Now?
• Negative Sentiment: One note of caution is that Macquarie trimmed its price target on Newmont, even while keeping an outperform rating. That kind of revision can temper enthusiasm if investors worry about near-term upside. Macquarie adjusts price target on Newmont

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.