Everstar Asset Management LLC Acquires New Stake in Newmont Corporation $NEM

Everstar Asset Management LLC bought a new position in Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,000 shares of the basic materials company’s stock, valued at approximately $291,000.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Newmont in the 2nd quarter worth about $919,170,000. Northern Trust Corp increased its stake in shares of Newmont by 1.5% in the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock worth $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Amundi raised its position in shares of Newmont by 2.8% in the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after purchasing an additional 343,535 shares during the period. Invesco Ltd. lifted its stake in shares of Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company’s stock valued at $518,936,000 after buying an additional 228,116 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Newmont by 15.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock valued at $423,572,000 after buying an additional 1,201,237 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

NYSE:NEM opened at $91.87 on Tuesday. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $98.58. The stock has a fifty day moving average of $86.44 and a 200 day moving average of $71.68. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The firm has a market capitalization of $100.26 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 0.53 and a beta of 0.33.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 EPS. On average, research analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is currently 15.53%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total transaction of $168,396.80. Following the completion of the transaction, the director directly owned 34,789 shares in the company, valued at $2,816,517.44. The trade was a 5.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 9,160 shares of company stock valued at $751,876. 0.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on NEM. CIBC set a $112.00 price objective on shares of Newmont and gave the company an “outperformer” rating in a research note on Friday, October 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research report on Tuesday, November 25th. BNP Paribas Exane increased their price objective on Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. Macquarie downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, Bank of America upped their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $92.59.

Newmont Profile

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.