Allstate Corp Increases Stock Holdings in Newmont Corporation $NEM

Key Points

• Allstate Corp nearly doubled its stake in Newmont during the fourth quarter, increasing holdings by 98.1% to 84,975 shares worth about $8.49 million.
• Institutional interest in Newmont remains strong, with hedge funds and other investors now owning 68.85% of the stock and several firms also boosting their positions.
• Analyst sentiment is positive, with Newmont carrying a Moderate Buy rating and an average price target of $142.05, while the company also reported strong quarterly earnings and announced a $0.26 dividend.

Allstate Corp increased its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 98.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,975 shares of the basic materials company's stock after buying an additional 42,089 shares during the quarter. Allstate Corp's holdings in Newmont were worth $8,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NEM. Assetmark Inc. grew its stake in Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after buying an additional 2,294,396 shares during the last quarter. Boston Partners grew its stake in 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 buying an additional 2,288,653 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock worth $349,288,000 after buying an additional 2,146,905 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after buying an additional 1,914,286 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new position in Newmont during the 4th quarter worth $166,191,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Barclays assumed coverage on Newmont in a research report on Thursday, May 21st. They set an "overweight" rating and a $133.00 price target for the company. Macquarie Infrastructure lifted their price target on Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Wall Street Zen raised Newmont from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 16th. The Goldman Sachs Group lifted their price target on Newmont from $123.20 to $125.10 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Finally, BMO Capital Markets lifted their price target on Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average price target of $142.05.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the completion of the transaction, the executive vice president owned 49,315 shares of the company's stock, valued at $5,430,074.65. The trade was a 5.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last quarter, insiders sold 43,068 shares of company stock worth $4,769,475. Corporate insiders own 0.06% of the company's stock.

Newmont Stock Performance

Shares of NEM stock opened at $111.49 on Wednesday. The stock has a market cap of $119.02 billion, a PE ratio of 14.46 and a beta of 0.43. The business has a 50-day simple moving average of $110.94 and a 200-day simple moving average of $108.60. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 52-week low of $51.80 and a 52-week high of $134.88.

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

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont's payout ratio is 13.49%.

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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