13,745 Shares in Newmont Corporation $NEM Bought by Harmony Asset Management LLC

Key Points

• Harmony Asset Management LLC opened a new position in Newmont, buying 13,745 shares in the fourth quarter worth about $1.37 million.
• Newmont reported strong quarterly results, with EPS of $2.90 beating estimates and revenue of $7.31 billion topping forecasts, while analysts still expect 9.47 EPS for the full year.
• The company declared a quarterly dividend of $0.26 per share payable June 22, and Wall Street remains broadly constructive with a Moderate Buy consensus and a $142.51 average price target.

Harmony Asset Management LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 13,745 shares of the basic materials company's stock, valued at approximately $1,372,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock worth $13,390,613,000 after purchasing an additional 637,996 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company's stock worth $687,223,000 after purchasing an additional 711,940 shares during the last quarter. Boston Partners lifted its stake in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after purchasing an additional 2,288,653 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Newmont by 16.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 4,996,775 shares of the basic materials company's stock worth $498,928,000 after purchasing an additional 692,560 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Newmont by 33.8% during the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company's stock worth $414,270,000 after purchasing an additional 1,244,845 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Up 2.2%

Shares of NYSE:NEM opened at $107.36 on Thursday. Newmont Corporation has a 52-week low of $51.80 and a 52-week high of $134.88. The stock has a market cap of $114.61 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.50 and a beta of 0.43. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $111.41 and a 200-day moving average price of $107.81.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same period last year, the business posted $1.25 earnings per share. The company's revenue for the quarter was up 45.8% compared to the same quarter last year. Equities analysts predict that Newmont Corporation will post 9.47 EPS for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NEM. Canaccord Genuity Group upped their price objective on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. TD Securities reiterated a "hold" rating and issued a $129.00 price target on shares of Newmont in a research note on Monday, April 27th. Bank of America increased their price target on Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Macquarie Infrastructure increased their price target on Newmont from $130.00 to $133.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Finally, The Goldman Sachs Group increased their price target on Newmont from $123.20 to $125.10 and gave the company a "buy" rating in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.51.

Insider Transactions at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the transaction, the insider owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 43,068 shares of company stock valued at $4,769,475. 0.06% of the stock is owned by company insiders.

Newmont Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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