Panagora Asset Management Inc. Buys 497,265 Shares of Newmont Co. (NYSE:NEM)

Panagora Asset Management Inc. boosted its holdings in shares of Newmont Co. (NYSE:NEM) by 185.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 765,218 shares of the basic materials company’s stock after acquiring an additional 497,265 shares during the quarter. Panagora Asset Management Inc.’s holdings in Newmont were worth $46,120,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Newmont during the 1st quarter valued at $1,300,000. Van ECK Associates Corp raised its holdings in Newmont by 5.9% during the fourth quarter. Van ECK Associates Corp now owns 38,024,490 shares of the basic materials company’s stock worth $2,277,287,000 after buying an additional 2,105,656 shares during the last quarter. Krilogy Financial LLC acquired a new position in Newmont during the first quarter worth $1,651,000. RWC Asset Management LLP raised its holdings in Newmont by 9.9% during the fourth quarter. RWC Asset Management LLP now owns 2,119,922 shares of the basic materials company’s stock worth $126,869,000 after buying an additional 190,779 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Newmont by 1.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 424,026 shares of the basic materials company’s stock worth $25,556,000 after buying an additional 5,414 shares during the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

NEM traded down $0.72 on Friday, reaching $70.34. The company had a trading volume of 83,765 shares, compared to its average volume of 6,940,568. The business has a 50 day moving average of $67.77. The stock has a market capitalization of $56.35 billion, a P/E ratio of 22.28 and a beta of 0.27. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.12 and a current ratio of 2.40. Newmont Co. has a 52-week low of $53.16 and a 52-week high of $75.31.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 29th. The basic materials company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.01). Newmont had a net margin of 21.77% and a return on equity of 10.18%. On average, equities analysts expect that Newmont Co. will post 3.31 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 17th. Shareholders of record on Thursday, June 3rd will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Wednesday, June 2nd. Newmont’s dividend payout ratio (DPR) is presently 82.71%.

In other Newmont news, EVP Nancy Lipson sold 2,775 shares of Newmont stock in a transaction that occurred on Wednesday, May 19th. The shares were sold at an average price of $75.00, for a total transaction of $208,125.00. Following the transaction, the executive vice president now directly owns 27,350 shares of the company’s stock, valued at $2,051,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jennifer Cmil sold 6,348 shares of Newmont stock in a transaction that occurred on Friday, March 26th. The stock was sold at an average price of $61.00, for a total transaction of $387,228.00. Following the transaction, the executive vice president now directly owns 17,814 shares in the company, valued at $1,086,654. The disclosure for this sale can be found here. Insiders have sold 48,862 shares of company stock worth $3,255,921 over the last three months. Insiders own 0.12% of the company’s stock.

Several analysts have recently issued reports on NEM shares. Argus upped their target price on shares of Newmont from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, May 5th. JPMorgan Chase & Co. reduced their price target on shares of Newmont from $83.00 to $75.00 in a research report on Tuesday, April 27th. TD Securities reduced their price target on shares of Newmont from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Friday, February 26th. Jefferies Financial Group increased their price target on shares of Newmont from $53.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, May 17th. Finally, Fundamental Research reduced their price target on shares of Newmont from $74.35 to $69.96 and set a “buy” rating for the company in a research report on Friday, February 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $69.69.

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, and Ghana. As of December 31, 2020, it had proven and probable gold reserves of 94.2 million ounces and land position of 58,900 square kilometers.

Further Reading: How to find the components of the quick ratio

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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