Renaissance Technologies LLC Makes New $76.28 Million Investment in Newmont Co. (NYSE:NEM)

Renaissance Technologies LLC acquired a new stake in shares of Newmont Co. (NYSE:NEM - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,049,474 shares of the basic materials company's stock, valued at approximately $76,281,000. Renaissance Technologies LLC owned about 0.18% of Newmont at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC increased its holdings in Newmont by 3.8% in the fourth quarter. HighPoint Advisor Group LLC now owns 5,992 shares of the basic materials company's stock valued at $223,000 after buying an additional 219 shares during the last quarter. Confluence Investment Management LLC increased its stake in Newmont by 2.4% during the fourth quarter. Confluence Investment Management LLC now owns 11,788 shares of the basic materials company's stock valued at $439,000 after purchasing an additional 281 shares during the last quarter. Howard Capital Management Inc. raised its holdings in shares of Newmont by 5.4% during the fourth quarter. Howard Capital Management Inc. now owns 5,653 shares of the basic materials company's stock worth $210,000 after purchasing an additional 292 shares during the period. Intact Investment Management Inc. lifted its position in shares of Newmont by 21.4% in the 4th quarter. Intact Investment Management Inc. now owns 1,700 shares of the basic materials company's stock worth $63,000 after buying an additional 300 shares during the last quarter. Finally, Fiduciary Financial Group LLC boosted its holdings in shares of Newmont by 3.6% in the 4th quarter. Fiduciary Financial Group LLC now owns 8,654 shares of the basic materials company's stock valued at $338,000 after buying an additional 303 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Analysts Set New Price Targets

NEM has been the topic of a number of recent research reports. The Goldman Sachs Group began coverage on shares of Newmont in a report on Monday, January 13th. They issued a "buy" rating and a $47.20 target price on the stock. UBS Group upgraded Newmont from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $50.00 to $60.00 in a research report on Friday. National Bank Financial raised Newmont to a "hold" rating in a research report on Friday, March 21st. StockNews.com raised shares of Newmont from a "hold" rating to a "buy" rating in a report on Monday, February 24th. Finally, Royal Bank of Canada increased their price objective on shares of Newmont from $51.00 to $52.00 and gave the stock a "sector perform" rating in a report on Friday, April 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $54.55.

Newmont Price Performance

Shares of NEM traded down $0.06 during trading hours on Monday, hitting $54.91. 5,936,725 shares of the company were exchanged, compared to its average volume of 9,793,181. The firm has a fifty day simple moving average of $46.17 and a 200-day simple moving average of $44.97. The company has a market capitalization of $61.90 billion, a PE ratio of 18.74, a PEG ratio of 0.41 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. Newmont Co. has a one year low of $36.60 and a one year high of $58.72.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.29. The firm had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.32 billion. Newmont had a return on equity of 13.52% and a net margin of 17.92%. As a group, sell-side analysts predict that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.82%. Newmont's dividend payout ratio (DPR) is presently 34.13%.

Insider Activity at Newmont

In other news, COO Natascha Viljoen sold 9,000 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $386,010.00. Following the transaction, the chief operating officer now directly owns 136,967 shares of the company's stock, valued at approximately $5,874,514.63. This represents a 6.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $90,785.67. Following the sale, the director now directly owns 47,916 shares of the company's stock, valued at approximately $2,094,408.36. The trade was a 4.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,154 shares of company stock valued at $825,678. Company insiders own 0.05% of the company's stock.

Newmont Company 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, Papua New Guinea, Ecuador, Fiji, and Ghana.