Pictet Asset Management Holding SA Boosts Stake in Newmont Corporation $NEM

Pictet Asset Management Holding SA grew its position in shares of Newmont Corporation (NYSE:NEM) by 13.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 772,367 shares of the basic materials company’s stock after acquiring an additional 92,191 shares during the period. Pictet Asset Management Holding SA’s holdings in Newmont were worth $83,520,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. GoalVest Advisory LLC purchased a new stake in shares of Newmont during the 4th quarter worth about $25,000. Swiss RE Ltd. purchased a new position in Newmont in the fourth quarter valued at approximately $26,000. Cornerstone Planning Group LLC raised 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 valued at $27,000 after buying an additional 206 shares during the period. JPL Wealth Management LLC acquired a new position in Newmont during the third quarter valued at approximately $27,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Newmont during the fourth quarter worth approximately $28,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NEM. Barclays started coverage on shares of Newmont in a report on Thursday, May 21st. They set an “overweight” rating and a $133.00 target price on the stock. Citigroup increased their target price on Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Scotiabank dropped their target price on Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a report on Friday, March 20th. The Goldman Sachs Group reduced their price target on Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a research report on Thursday, June 4th. Finally, Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $140.50.

Newmont Stock Down 1.6%

Shares of NYSE NEM opened at $94.63 on Tuesday. Newmont Corporation has a 1 year low of $55.37 and a 1 year high of $134.88. The firm has a market cap of $101.02 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.59 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. The stock’s 50-day simple moving average is $107.56 and its 200-day simple moving average is $110.94.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business 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 firm posted $1.25 earnings per share. The company’s revenue was up 45.8% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. Newmont’s dividend payout ratio is presently 13.49%.

Insiders Place Their Bets

In other news, insider David John Thornton sold 2,296 shares of the firm’s 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 completion of the sale, the insider owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 company’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 completion of the sale, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 28,556 shares of company stock valued at $3,120,276. Corporate insiders own 0.06% of the company’s stock.

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.