Ameriprise Financial Inc. Increases Stake in Newmont Corporation $NEM

Ameriprise Financial Inc. increased its position in shares of Newmont Corporation (NYSE:NEM) by 30.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,258,746 shares of the basic materials company’s stock after purchasing an additional 996,488 shares during the period. Ameriprise Financial Inc. owned approximately 0.39% of Newmont worth $359,171,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Physician Wealth Advisors Inc. grew its stake in shares of Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Newmont by 53.5% in 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 in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Newmont in the 3rd quarter valued at about $44,000. Capital A Wealth Management LLC lifted its position in shares of Newmont by 1,648.3% in the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 478 shares during the period. Finally, Reyes Financial Architecture Inc. purchased a new stake in shares of Newmont in the 3rd quarter worth approximately $44,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Up 0.6%

Shares of Newmont stock opened at $110.19 on Tuesday. The firm’s 50 day simple moving average is $118.86 and its two-hundred day simple moving average is $98.95. The firm has a market capitalization of $119.87 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 0.85 and a beta of 0.39. Newmont Corporation has a 12-month low of $42.93 and a 12-month high of $134.88. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.71. The firm had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.40 earnings per share. Analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, March 3rd. This is a boost from Newmont’s previous quarterly dividend of $0.25. Newmont’s dividend payout ratio (DPR) is presently 16.28%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on NEM shares. DZ Bank raised shares of Newmont to a “strong-buy” rating in a report on Monday, January 19th. The Goldman Sachs Group increased their target price on Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a research report on Monday, January 12th. Royal Bank Of Canada lifted their price target on Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Scotiabank boosted their price target on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, Jefferies Financial Group upped their price objective on Newmont from $158.00 to $162.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $134.15.

Newmont Company 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.