Assenagon Asset Management S.A. has significantly reduced its holdings in Newmont Corporation (NYSE:NEM) by 83.8% during the third quarter. According to the latest filing with the Securities and Exchange Commission (SEC), the firm currently owns 761,115 shares after divesting 3,931,491 shares in the quarter. This adjustment leaves Assenagon with approximately 0.07% of Newmont’s stock, valued at $64.17 million.
Other institutional investors have also adjusted their positions in Newmont recently. Colonial Trust Advisors increased its stake by 315.4% in the first quarter, acquiring an additional 429 shares to reach a total of 565 shares, valued at $27,000. Similarly, Concord Wealth Partners raised its position by 534.7% in the second quarter, now holding 457 shares worth $27,000 after adding 385 shares to its portfolio.
Evermay Wealth Management LLC and Capital A Wealth Management LLC also reported substantial increases in their holdings, boosting their stakes by 408.2% and 1,648.3%, respectively. Meanwhile, Caldwell Trust Co. entered a new position in Newmont during the second quarter, valued at about $31,000. Currently, institutional investors and hedge funds collectively own 68.85% of Newmont’s stock.
Analyst Ratings Shift for Newmont
Recent changes in analyst ratings have added to the buzz surrounding Newmont Corporation. Citigroup raised its price target from $74.00 to $104.00, assigning a “buy” rating in a report dated October 15. Conversely, BNP Paribas Exane downgraded the company from “outperform” to “neutral,” with a price target of $97.00.
Other notable adjustments include Bank of America’s increase of its target price from $105.00 to $115.00, maintaining a “buy” rating. Jefferies Financial Group reiterated a “buy” rating with a price target of $120.00. Overall, five analysts have rated Newmont as a Strong Buy, while thirteen have given it a Buy rating, and four have assigned a Hold rating. According to MarketBeat, the company has an average rating of “Buy” with an average price target of $96.37.
Newmont’s Financial Performance and Dividend Announcement
On October 23, Newmont Corporation reported its quarterly earnings, revealing earnings per share (EPS) of $1.71, exceeding analysts’ expectations of $1.27 by $0.44. The company generated $5.52 billion in revenue, surpassing analyst projections of $5.14 billion. This represents a 20.0% increase compared to the same quarter last year, when the company reported an EPS of $0.81. Analysts predict Newmont will achieve an EPS of 3.45 for the current fiscal year.
In addition to its robust earnings, Newmont declared a quarterly dividend of $0.25 per share, set to be paid on December 22. Stockholders of record on November 26 will be eligible for this dividend, which represents an annualized dividend of $1.00 and a dividend yield of 1.0%. The company’s current payout ratio stands at 15.53%.
Insider Transactions Raise Questions
In related news, significant insider transactions have occurred at Newmont. On December 1, Director Bruce R. Brook sold 2,080 shares at an average price of $92.36, totaling $192,108.80. Following this transaction, Brook holds 32,709 shares valued at approximately $3.02 million, reflecting a 5.98% decrease in his position.
CEO Thomas Ronald Palmer also sold 5,000 shares on November 3, receiving $406,700.00 from the sale. Post-transaction, Palmer retains 279,923 shares worth around $22.77 million, marking a 1.75% decrease in his ownership. Over the last three months, insiders have sold a total of 11,240 shares valued at $943,985, representing approximately 0.05% of the stock currently owned by insiders.
About Newmont Corporation
Newmont Corporation is a leading gold producer and explorer, also engaged in the exploration of other minerals, including copper, silver, zinc, and lead. The company’s operations span multiple countries, including the United States, Canada, Mexico, and various nations in South America, Africa, and Oceania.
For more detailed insights on Newmont Corporation and its market activities, investors are encouraged to review the latest filings and reports available through the SEC and other reliable financial platforms.
