Jupiter Asset Management Ltd. Buys Shares of 774,794 Newmont Co. (NYSE:NEM)

Jupiter Asset Management Ltd. purchased a new position in shares of Newmont Co. (NYSE:NEM) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 774,794 shares of the basic materials company’s stock, valued at approximately $27,769,000. Jupiter Asset Management Ltd. owned 0.07% of Newmont at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Te Ahumairangi Investment Management Ltd lifted its position in Newmont by 21.9% in the 1st quarter. Te Ahumairangi Investment Management Ltd now owns 201,386 shares of the basic materials company’s stock valued at $7,218,000 after acquiring an additional 36,202 shares in the last quarter. Prevail Innovative Wealth Advisors LLC lifted its holdings in shares of Newmont by 164.0% in the first quarter. Prevail Innovative Wealth Advisors LLC now owns 102,384 shares of the basic materials company’s stock valued at $3,669,000 after purchasing an additional 63,600 shares in the last quarter. M&G Plc acquired a new position in shares of Newmont during the first quarter worth about $2,834,000. Tocqueville Asset Management L.P. grew its holdings in shares of Newmont by 45.9% during the first quarter. Tocqueville Asset Management L.P. now owns 1,066,730 shares of the basic materials company’s stock worth $38,232,000 after buying an additional 335,710 shares in the last quarter. Finally, Wintrust Investments LLC raised its position in Newmont by 103.5% in the 1st quarter. Wintrust Investments LLC now owns 178,169 shares of the basic materials company’s stock valued at $6,386,000 after buying an additional 90,596 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares in the company, valued at approximately $13,964,788.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NEM has been the subject of several research reports. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. TD Securities boosted their price target on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, Bank of America upped their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.21.

Newmont Stock Performance

Shares of NEM traded down $0.51 during trading hours on Friday, hitting $47.00. The company had a trading volume of 6,268,666 shares, compared to its average volume of 7,341,910. The business has a fifty day moving average of $43.00 and a 200-day moving average of $38.53. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. The firm has a market cap of $54.20 billion, a price-to-earnings ratio of -17.60, a PEG ratio of 0.37 and a beta of 0.47. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $48.97.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same period in the prior year, the firm earned $0.40 EPS. The business’s revenue was up 50.2% on a year-over-year basis. Equities analysts anticipate that Newmont Co. will post 2.64 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Tuesday, June 4th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.13%. Newmont’s payout ratio is currently -37.45%.

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.