Magnetar Financial LLC Invests in Newmont Co. Shares

Magnetar Financial LLC has recently acquired a new position in Newmont Co. (NYSE:NEM - Free Report) during the fourth quarter, as detailed in its latest Form 13F submission to the Securities and Exchange Commission (SEC). The investment firm added 5,516 shares of the basic materials company, valuing its stake at approximately $205,000.

Other Institutional Investments

In addition to Magnetar's investment, several other institutional investors and hedge funds have adjusted their holdings in Newmont Co. Van ECK Associates Corp increased its stake by 1.6% in the fourth quarter, now owning 49,747,598 shares, valued at around $1.85 billion after acquiring an additional 797,445 shares. Geode Capital Management LLC raised its holdings by 1.4% during the third quarter and now possesses 23,484,382 shares valued at $1.25 billion following an increase of 326,243 shares. Amundi has grown its position by 14.0% in the fourth quarter, holding 12,302,579 shares worth $481.4 million after buying 1,507,708 additional shares. Ruffer LLP increased its stake by 19.7% with 7,085,101 shares valued at approximately $263.7 million after acquiring 1,164,870 shares. Meanwhile, FMR LLC raised its position by 21.1% in the third quarter, owning 7,052,439 shares worth $376.9 million after an additional investment of 1,226,697 shares. Overall, institutional investors and hedge funds collectively own 68.85% of Newmont's stock.

Overview of Newmont's Stock Performance

On Monday, shares of Newmont opened at $47.23. It has a market capitalization of $53.24 billion and a price-to-earnings ratio of 16.12, with a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. The stock's 50-day moving average price is $44.10, while the 200-day moving average price stands at $45.54. Over the past year, Newmont has experienced a low of $33.86 and a high of $58.72. The company holds a debt-to-equity ratio of 0.30 and a quick ratio of 1.73, with a current ratio of 1.96.

Earnings Results and Future Predictions

Newmont recently reported its earnings results on February 20th. The company announced earnings of $1.40 per share for the quarter, which exceeded analysts' expectations of $1.11 by $0.29. The firm's revenue for that quarter reached $5.65 billion, surpassing estimates of $5.32 billion. Newmont's return on equity was 13.52%, with a net margin of 17.92%. Analysts forecast that the company will post an EPS of 3.45 for the current year.

Dividend Announcements

The company has also declared a quarterly dividend to be paid on March 27th, with shareholders of record on March 4th set to receive a dividend of $0.25 per share. The ex-dividend date is also March 4th. This translates to an annualized dividend of $1.00, yielding 2.12%, with a dividend payout ratio of 34.13%.

Insider Activity in Newmont Shares

Recently, some company insiders have made transactions involving Newmont stock. COO Natascha Viljoen sold 9,000 shares on January 10th at an average price of $40.00, amounting to a total of $360,000. Following this sale, she retains 145,967 shares valued at approximately $5.84 million, marking a 5.81% decrease in her position. Additionally, EVP Peter Toth sold 3,000 shares for a total of $120,000, and he now owns 82,596 shares valued at about $3.30 million, which is a 3.50% decrease in his shareholding. Over the past 90 days, insiders have sold a total of 33,231 shares valued at $1.39 million, while 0.06% of the stock is held by company insiders.

Analyst Ratings and Predictions

Multiple equity analysts have provided updates regarding Newmont's shares. StockNews.com upgraded the stock from a "hold" to a "buy" rating on February 24th. However, TD Securities lowered their price target for Newmont from $46.00 to $45.00 while maintaining a "hold" recommendation. CLSA also initiated coverage with an "underperform" rating on the stock. On the other hand, Royal Bank of Canada increased their price target from $47.00 to $52.00 while giving it a "sector perform" rating. Similarly, Scotiabank reduced their price target from $52.00 to $50.00 with a "sector perform" rating. Currently, one analyst recommends selling, seven recommend holding, nine suggest buying, and two analysts indicate a strong buy ahead for Newmont shares. As per MarketBeat.com, the stock holds a "Moderate Buy" average rating, along with a consensus price target of $53.16.

About Newmont Co.

Newmont Corporation specializes in gold production and exploration, while also engaging in the exploration of various other minerals, including copper, silver, zinc, and lead. The company operates or holds assets across multiple countries, including the United States, Canada, Mexico, and several others.

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