Groupama Asset Management Increases Stake in Newmont Co.

Groupama Asset Management has enhanced its investment in Newmont Co. (NYSE:NEM - Free Report) by 45.2% during the third quarter, as detailed in its recent filing with the Securities and Exchange Commission. The firm now holds 96,873 shares of Newmont, following the acquisition of an additional 30,170 shares during this period. This increased ownership translates to a value of approximately $5,178,000 at the close of the last reporting period.

Institutional Investor Activities

Several other institutional investors have also adjusted their holdings in Newmont recently. For instance, Heathbridge Capital Management Ltd. raised its position in Newmont by 2.0% in the same quarter and owns now 10,300 shares valued at around $551,000 after acquiring an extra 200 shares. Similarly, E. Ohman Jor Asset Management AB increased its stake by 0.4%, now owning 47,942 shares worth $2,562,000 after purchasing 200 additional shares. Additionally, Fulton Bank N.A. and Carmel Capital Partners LLC saw increases of 1.5% and 4.5% in their stakes, respectively. Good Life Advisors LLC also raised its stake by 4.6%, accumulating 5,182 shares now valued at $277,000. Overall, institutional investors and hedge funds collectively hold approximately 68.85% of Newmont's stock.

Analyst Ratings Adjustments

Recent analyst reports provide a mixed outlook for Newmont. JPMorgan Chase & Co. upgraded its rating from "neutral" to "overweight", while Argus changed its view from "hold" to "buy" with a price target set at $58.00. In contrast, Scotiabank lowered its rating from "sector outperform" to "sector perform", reducing the target price from $59.00 to $55.00. Additionally, CIBC World Markets decreased its rating from "strong buy" to "hold". Overall, Newmont currently holds a consensus rating of "Moderate Buy" with an average price target of $54.31 according to MarketBeat.com.

Insider Transactions

In relevant news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont on October 1st, at an average price of $53.81, totaling $1,076,200. Following this sale, Palmer retains ownership of 271,469 shares, valued at approximately $14,607,746.89, marking a reduction of 6.86% in his holdings. Conversely, Director Harry M. Iv Conger purchased 9,498 shares on November 27th at an average cost of $42.15 per share, amounting to $400,340.70, which increased his ownership by 189.96%. Insider ownership stands at 0.06% of Newmont's shares.

Newmont's Stock Performance

As of Monday, Newmont's stock opened at $41.11. The stock has a fifty-day moving average of $47.72 and a two-hundred-day moving average of $47.41. The company’s stock has seen a range between $29.42 and $58.72 over the past year. Newmont’s financial position shows a current ratio of 1.96, quick ratio of 1.73, and a debt-to-equity ratio of 0.30. In its latest earnings report on October 23rd, Newmont posted earnings per share of $0.81, slightly missing the consensus estimate of $0.86 with revenues of $4.61 billion against expectations of $4.67 billion. Despite the revenue increase of 84.7% year-over-year, the company recorded a negative net margin of 7.03%.

Dividend Declaration

Newmont also declared a quarterly dividend, scheduled to be distributed on December 23rd. Shareholders on record by November 27th will receive a dividend of $0.25 per share, representing an annualized dividend of $1.00, which gives a dividend yield of 2.43%. The company’s current dividend payout ratio is -65.79%.

Company Overview

Newmont Corporation is engaged in the production and exploration of precious metals, primarily gold, and also explores for copper, silver, zinc, and lead. The company has operations in various countries including the United States, Canada, Mexico, and several others across South America, Europe, and Africa.

Groupama, Investment, Newmont