AlTi Global Inc. Purchases 4,998 Shares of Newmont Corporation $NEM

AlTi Global Inc. boosted its position in Newmont Corporation (NYSE:NEM) by 30.2% during the 2nd quarter, Holdings Channel reports. The fund owned 21,568 shares of the basic materials company’s stock after buying an additional 4,998 shares during the period. AlTi Global Inc.’s holdings in Newmont were worth $1,267,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NEM. Nuveen LLC bought a new position in Newmont in the first quarter worth approximately $306,507,000. Pacer Advisors Inc. raised its stake in shares of Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after purchasing an additional 5,251,616 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Newmont by 1,502.5% in the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after purchasing an additional 4,399,778 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Newmont by 1,074.8% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock worth $116,416,000 after purchasing an additional 2,206,017 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Newmont by 2,003.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after purchasing an additional 1,506,010 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM opened at $83.25 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $91.45 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.60 and a beta of 0.34. The stock has a 50 day moving average of $81.17 and a 200 day moving average of $65.41. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $98.58.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.69% and a net margin of 33.42%.Newmont’s revenue was up 20.0% on a year-over-year basis. During the same period last year, the business posted $0.81 earnings per share. As a group, sell-side analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares of the company’s stock, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Brian Tabolt sold 7,015 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NEM has been the subject of several analyst reports. The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the stock a “buy” rating in a research note on Sunday, October 12th. CIBC set a $112.00 price objective on Newmont and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the stock from $71.50 to $114.00 in a research note on Thursday. UBS Group increased their price objective on Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, Stifel Nicolaus initiated coverage on Newmont in a research note on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective for the company. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.59.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.