Victory Capital Management Inc. Purchases 1,244,845 Shares of Newmont Corporation $NEM

Victory Capital Management Inc. boosted its position in shares of Newmont Corporation (NYSE:NEM) by 33.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,925,237 shares of the basic materials company’s stock after acquiring an additional 1,244,845 shares during the quarter. Victory Capital Management Inc.’s holdings in Newmont were worth $414,270,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in NEM. Norges Bank acquired a new position in shares of Newmont during the 2nd quarter worth about $919,170,000. Invesco Ltd. grew its holdings in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares during the period. Legal & General Group Plc increased its position in Newmont by 6.3% during the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock worth $433,236,000 after buying an additional 438,748 shares during the last quarter. Boston Partners increased its position in Newmont by 4,090.7% during the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after buying an additional 4,532,263 shares during the last quarter. Finally, National Pension Service raised its stake in Newmont by 2.7% in the third quarter. National Pension Service now owns 4,354,264 shares of the basic materials company’s stock valued at $367,108,000 after buying an additional 114,949 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Argus lifted their target price on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. National Bank Financial raised their price target on Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 4th. Raymond James Financial upped their price objective on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Canaccord Genuity Group increased their price objective on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, Jefferies Financial Group raised their target price on shares of Newmont from $136.00 to $158.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $129.73.

Newmont Stock Down 0.9%

NEM stock opened at $128.82 on Tuesday. Newmont Corporation has a fifty-two week low of $41.93 and a fifty-two week high of $134.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The stock has a market capitalization of $140.14 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 1.08 and a beta of 0.39. The business’s fifty day moving average price is $116.26 and its two-hundred day moving average price is $95.77.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. During the same quarter in the previous year, the business posted $1.40 earnings per share. Newmont’s quarterly revenue was up 20.6% on a year-over-year basis. On average, equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Tuesday, March 3rd. This is a boost from Newmont’s previous quarterly dividend of $0.25. Newmont’s dividend payout ratio (DPR) is currently 15.65%.

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.