IPG Investment Advisors LLC Acquires New Holdings in Newmont Corporation $NEM

IPG Investment Advisors LLC acquired a new stake in Newmont Corporation (NYSE:NEM) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 16,083 shares of the basic materials company’s stock, valued at approximately $1,606,000.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Newmont by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock valued at $13,390,613,000 after purchasing an additional 637,996 shares during the last quarter. Geode Capital Management LLC lifted its position in Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after purchasing an additional 946,824 shares during the last quarter. Legal & General Group Plc lifted its position in Newmont by 9.6% in the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock valued at $687,223,000 after purchasing an additional 711,940 shares during the last quarter. Boston Partners lifted its position in Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after purchasing an additional 2,288,653 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in Newmont by 16.1% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 4,996,775 shares of the basic materials company’s stock valued at $498,928,000 after purchasing an additional 692,560 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. Royal Bank Of Canada raised their target price on shares of Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. National Bank Financial raised their target price on shares of Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research note on Friday, April 24th. TD Cowen reissued a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Finally, The Goldman Sachs Group raised their target price on shares of Newmont from $123.20 to $125.10 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.53.

Newmont Stock Performance

Shares of NEM opened at $107.17 on Thursday. The firm’s 50 day moving average is $110.88 and its 200-day moving average is $108.78. The stock has a market capitalization of $114.41 billion, a P/E ratio of 13.90 and a beta of 0.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 12-month low of $51.80 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 EPS. Equities research analysts anticipate that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Newmont’s payout ratio is currently 13.49%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $330,330.00. Following the transaction, the executive vice president owned 49,315 shares of the company’s stock, valued at $5,430,074.65. The trade was a 5.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is currently owned by company insiders.

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.