ANTIPODES PARTNERS Ltd Cuts Stock Holdings in Newmont Corporation $NEM

Key Points

• ANTIPODES PARTNERS Ltd cut its Newmont stake by 29.5% in the fourth quarter, selling 137,254 shares and ending with 328,189 shares valued at about $32.8 million.
• Newmont reported strong quarterly results, posting $2.90 EPS and $7.31 billion in revenue, both above analyst expectations, with revenue up 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share, and analysts remain constructive overall with a consensus Moderate Buy rating and average target price of $142.51.

ANTIPODES PARTNERS Ltd decreased its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 29.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 328,189 shares of the basic materials company's stock after selling 137,254 shares during the period. ANTIPODES PARTNERS Ltd's holdings in Newmont were worth $32,772,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after purchasing an additional 1,847 shares during the last quarter. Woodline Partners LP raised its stake in shares of Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock valued at $4,644,000 after buying an additional 27,813 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Newmont in the second quarter valued at $240,000. Cerity Partners LLC raised its stake in shares of Newmont by 108.9% in the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock valued at $7,303,000 after buying an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock valued at $2,854,000 after buying an additional 3,856 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company'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 directly owned 49,315 shares in the company, valued at approximately $5,430,074.65. This represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the company'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 $252,812.56. Following the completion of the transaction, the insider owned 23,163 shares of the company's stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. 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. Insiders have sold a total of 43,068 shares of company stock valued at $4,769,475 over the last quarter. 0.06% of the stock is owned by company insiders.

Newmont Price Performance

Shares of NYSE NEM opened at $108.93 on Friday. The firm has a market capitalization of $116.29 billion, a P/E ratio of 14.13, a P/E/G ratio of 1.62 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 stock's 50-day simple moving average is $111.96 and its two-hundred day simple moving average is $107.04. Newmont Corporation has a twelve month low of $48.61 and a twelve month high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts' consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company's quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 EPS. As a group, equities analysts anticipate that Newmont Corporation will post 9.72 EPS for the current fiscal 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 issued a $0.26 dividend. 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 is presently 13.49%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NEM. Argus boosted their target price on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Scotiabank lowered their target price on Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a research note on Friday, March 20th. Royal Bank Of Canada boosted their target price on Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a research note on Tuesday, February 3rd. TD boosted their target price on Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a research note on Monday, April 27th. Finally, Stifel Nicolaus boosted their target price on Newmont from $120.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $142.51.

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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