Generali Asset Management SPA SGR Decreases Stake in Newmont Corporation $NEM

Generali Asset Management SPA SGR cut its stake in shares of Newmont Corporation (NYSE:NEM) by 7.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 746,694 shares of the basic materials company’s stock after selling 56,945 shares during the quarter. Newmont comprises approximately 1.3% of Generali Asset Management SPA SGR’s investment portfolio, making the stock its 11th biggest holding. Generali Asset Management SPA SGR owned 0.07% of Newmont worth $62,954,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. grew its stake in Newmont by 53.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 139 shares during the last quarter. Summit Financial Wealth Advisors LLC lifted its holdings in shares of Newmont by 2.3% during the third quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock worth $566,000 after purchasing an additional 145 shares during the period. Welch Group LLC lifted its holdings in shares of Newmont by 1.3% during the third quarter. Welch Group LLC now owns 12,187 shares of the basic materials company’s stock worth $1,027,000 after purchasing an additional 153 shares during the period. Hemington Wealth Management boosted its position in Newmont by 17.6% in the second quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company’s stock valued at $66,000 after buying an additional 170 shares during the last quarter. Finally, IVC Wealth Advisors LLC increased its holdings in Newmont by 1.3% in the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company’s stock worth $813,000 after buying an additional 173 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on NEM. Citigroup lifted their price objective on shares of Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Royal Bank Of Canada upped their price target on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $71.50 to $114.00 in a research note on Thursday, October 23rd. Five analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Newmont has an average rating of “Buy” and a consensus target price of $97.08.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the transaction, the director owned 32,709 shares in the company, valued at $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on 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 sale, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 9,160 shares of company stock valued at $767,206. Corporate insiders own 0.05% of the company’s stock.

Newmont Stock Down 2.1%

NEM opened at $99.76 on Friday. The company has a fifty day moving average of $91.26 and a two-hundred day moving average of $78.58. The stock has a market capitalization of $108.86 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 0.69 and a beta of 0.40. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $106.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS 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 analysts’ expectations of $5.14 billion. During the same period last year, the firm earned $0.81 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis. On average, research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th were given a $0.25 dividend. The ex-dividend date was Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s payout ratio is 15.53%.

Newmont Profile

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.