Neo Ivy Capital Management Makes New Investment in Newmont Corporation $NEM

Neo Ivy Capital Management bought a new stake in Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 57,216 shares of the basic materials company’s stock, valued at approximately $3,333,000. Newmont accounts for about 1.1% of Neo Ivy Capital Management’s investment portfolio, making the stock its 6th biggest position.

Several other institutional investors also recently added to or reduced their stakes in NEM. Nuveen LLC acquired a new stake in shares of Newmont in the first quarter valued at approximately $306,507,000. Pacer Advisors Inc. raised its position in Newmont by 4,203.5% in the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock valued at $259,580,000 after purchasing an additional 5,251,616 shares during the last quarter. Boston Partners raised its position in Newmont by 4,081.8% in the 2nd quarter. Boston Partners now owns 4,633,175 shares of the basic materials company’s stock valued at $271,982,000 after purchasing an additional 4,522,381 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Newmont by 1,502.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after purchasing an additional 4,399,778 shares during the period. Finally, LSV Asset Management purchased a new position in Newmont during the 2nd quarter worth $187,206,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insiders Place Their Bets

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated 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 sale, the director owned 34,789 shares in the company, valued at approximately $2,816,517.44. This trade represents a 5.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 11,237 shares of company stock worth $906,799. Corporate insiders own 0.05% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $81.98 on Friday. The stock has a market capitalization of $89.46 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 0.53 and a beta of 0.33. The business’s 50 day moving average is $85.25 and its two-hundred day moving average is $69.63. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

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

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont’s payout ratio is currently 15.53%.

Analysts Set New Price Targets

NEM has been the subject of a number of research reports. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday. BNP Paribas cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. BNP Paribas Exane increased their price objective on Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. The Goldman Sachs Group set a $104.30 target price on Newmont and gave the company a “buy” rating in a research note on Sunday, October 12th. Finally, Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.99.

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, Papua New Guinea, Ecuador, Fiji, and Ghana.