Assenagon Asset Management S.A. significantly reduced its stake in Newmont Corporation (NYSE:NEM) by 83.8% during the third quarter of 2023. According to a filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 761,115 shares after divesting 3,931,491 shares within the quarter. This adjustment leaves Assenagon with approximately 0.07% of Newmont, valued at $64.17 million based on its latest SEC report.
The reduction in Assenagon’s holdings is part of a broader trend among institutional investors regarding Newmont. Notably, Colonial Trust Advisors increased its position in the company by an impressive 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 holdings by 534.7% in the second quarter, accumulating a total of 457 shares worth $27,000 after purchasing an additional 385 shares.
Other notable changes in holdings include Evermay Wealth Management LLC, which boosted its stake by 408.2%, reaching 498 shares valued at $29,000. Furthermore, Capital A Wealth Management LLC increased its position by 1,648.3%, now owning 507 shares valued at $30,000. Caldwell Trust Co. also acquired a new position in Newmont during the second quarter, estimated at approximately $31,000. Currently, institutional investors and hedge funds hold about 68.85% of Newmont’s stock.
Analyst Ratings and Market Performance
Recent evaluations by market analysts reflect a mixed outlook for Newmont. Citigroup raised its price target from $74.00 to $104.00, granting the stock a “buy” rating on October 15, 2023. In contrast, BNP Paribas Exane downgraded Newmont from an “outperform” rating to “neutral,” setting a price target of $97.00. Similarly, Wall Street Zen adjusted its rating from “strong-buy” to “buy,” while Bank of America increased its target price from $105.00 to $115.00.
Overall, five analysts have rated Newmont as a “Strong Buy,” thirteen have assigned it a “Buy” rating, and four have given the stock a “Hold” rating. According to MarketBeat, the average rating stands at “Buy,” with an average price target of $96.37.
On October 23, 2023, Newmont reported a quarterly earnings per share (EPS) of $1.71, surpassing analysts’ expectations of $1.27 by $0.44. The company achieved a net margin of 33.42% with revenue of $5.52 billion, exceeding forecasts of $5.14 billion. Year-on-year, this represents a 20.0% increase in revenue, compared to $0.81 EPS for the same quarter last year.
Dividend and Insider Transactions
Newmont also announced a quarterly dividend of $0.25 per share, payable on December 22, 2023, to shareholders recorded as of November 26, 2023. This dividend reflects an annualized payment of $1.00 and a yield of 1.0%, with a payout ratio of 15.53%.
In insider trading news, Director Bruce R. Brook sold 2,080 shares on December 1, 2023, at an average price of $92.36, totaling approximately $192,108.80. Following this transaction, Brook retains 32,709 shares valued at about $3.02 million. Additionally, CEO Thomas Ronald Palmer sold 5,000 shares on November 3, 2023, amounting to $406,700.00, resulting in a 1.75% reduction in his ownership.
As of now, insiders have sold a total of 11,240 shares valued at $943,985 in the past three months, with insiders holding 0.05% of the company’s stock.
Newmont Corporation is engaged in the production and exploration of gold and also explores for copper, silver, zinc, and lead across various countries, including the United States, Canada, and Australia, among others.
