50,916 Shares in Newmont Corporation $NEM Purchased by Choate Investment Advisors

Key Points

• Choate Investment Advisors opened a new position in Newmont during the fourth quarter, buying 50,916 shares valued at about $5.08 million.
• Newmont reported strong quarterly results, with EPS of $2.90 beating estimates and revenue of $7.31 billion, up 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share and continues to draw favorable analyst sentiment, with a consensus rating of Moderate Buy and an average price target of $142.05.

Choate Investment Advisors purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 50,916 shares of the basic materials company's stock, valued at approximately $5,084,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CWM LLC grew its holdings in shares of Newmont by 64.6% during the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after buying an additional 79,617 shares during the last quarter. Estate Counselors LLC purchased a new position in shares of Newmont during the third quarter worth about $4,182,000. AustralianSuper Pty Ltd grew its holdings in shares of Newmont by 124.8% during the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock worth $27,843,000 after buying an additional 183,360 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Newmont by 24.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock worth $30,775,000 after buying an additional 54,530 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC grew its holdings in shares of Newmont by 286.5% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company's stock worth $5,101,000 after buying an additional 44,846 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $330,330.00. Following the completion of the sale, the executive vice president directly owned 49,315 shares in the company, valued at approximately $5,430,074.65. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 43,068 shares of company stock valued at $4,769,475 in the last 90 days. Insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of NEM opened at $107.74 on Monday. Newmont Corporation has a twelve month low of $51.80 and a twelve month high of $134.88. The stock's 50 day moving average is $111.03 and its two-hundred day moving average is $108.19. The firm has a market capitalization of $115.02 billion, a PE ratio of 13.97, a P/E/G ratio of 1.54 and a beta of 0.43. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

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

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis 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%.

Analysts Set New Price Targets

NEM has been the topic of a number of research reports. TD Cowen reissued a "buy" rating on shares of Newmont in a report on Monday, April 27th. Citigroup lifted their price objective on Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a report on Tuesday, March 3rd. Stifel Nicolaus lifted their price objective on Newmont from $120.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 10th. Royal Bank Of Canada lifted their price objective on Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a report on Tuesday, February 3rd. Finally, BMO Capital Markets lifted their price objective on Newmont from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $142.05.

Newmont Company 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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