Newmont Co. (NYSE:NEM) Stock Position Decreased by Renaissance Technologies LLC

Renaissance Technologies LLC cut its stake in shares of Newmont Co. (NYSE:NEM) by 37.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,984,569 shares of the basic materials company’s stock after selling 1,820,537 shares during the quarter. Renaissance Technologies LLC’s holdings in Newmont were worth $179,879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NEM. Norges Bank bought a new stake in shares of Newmont during the 4th quarter worth $390,542,000. Van ECK Associates Corp boosted its stake in shares of Newmont by 5.9% during the 4th quarter. Van ECK Associates Corp now owns 38,024,490 shares of the basic materials company’s stock worth $2,277,287,000 after acquiring an additional 2,105,656 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Newmont by 2.2% during the 1st quarter. BlackRock Inc. now owns 95,698,665 shares of the basic materials company’s stock worth $5,767,761,000 after acquiring an additional 2,076,774 shares in the last quarter. Flossbach Von Storch AG boosted its stake in shares of Newmont by 13.7% during the 1st quarter. Flossbach Von Storch AG now owns 16,130,325 shares of the basic materials company’s stock worth $972,175,000 after acquiring an additional 1,937,966 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Newmont by 24.4% during the 1st quarter. Bank of New York Mellon Corp now owns 9,631,656 shares of the basic materials company’s stock worth $580,502,000 after acquiring an additional 1,892,134 shares in the last quarter. 78.56% of the stock is owned by institutional investors and hedge funds.

NYSE NEM opened at $62.66 on Thursday. Newmont Co. has a fifty-two week low of $54.18 and a fifty-two week high of $75.31. The company’s 50-day moving average is $68.49. The company has a current ratio of 2.40, a quick ratio of 2.12 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $50.20 billion, a price-to-earnings ratio of 19.64 and a beta of 0.27.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, April 29th. The basic materials company reported $0.74 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.01). Newmont had a net margin of 21.77% and a return on equity of 10.18%. The company had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $3.08 billion. On average, analysts forecast that Newmont Co. will post 3.33 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd were paid a $0.55 dividend. The ex-dividend date of this dividend was Wednesday, June 2nd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.51%. Newmont’s payout ratio is presently 82.71%.

Several analysts have recently commented on the company. Raymond James raised their target price on Newmont from $78.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 9th. National Bank Financial reaffirmed an “outperform” rating on shares of Newmont in a research report on Friday, April 23rd. JPMorgan Chase & Co. decreased their target price on Newmont from $83.00 to $75.00 in a research report on Tuesday, April 27th. Argus raised their target price on Newmont from $65.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, May 5th. Finally, TD Securities reduced their price objective on Newmont from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Friday, February 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $69.33.

In related news, EVP Stephen P. Gottesfeld sold 4,000 shares of the business’s stock in a transaction dated Wednesday, June 9th. The stock was sold at an average price of $70.02, for a total transaction of $280,080.00. Following the transaction, the executive vice president now directly owns 105,140 shares in the company, valued at $7,361,902.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Blake Rhodes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 19th. The shares were sold at an average price of $75.00, for a total value of $225,000.00. Following the transaction, the senior vice president now owns 51,311 shares in the company, valued at $3,848,325. The disclosure for this sale can be found here. Insiders sold 52,862 shares of company stock worth $3,536,001 over the last quarter. 0.12% of the stock is currently owned by corporate insiders.

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, and Ghana. As of December 31, 2020, it had proven and probable gold reserves of 94.2 million ounces and land position of 58,900 square kilometers.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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