Arrowstreet Capital Limited Partnership Boosts Stake in Newmont Corporation $NEM

Key Points

• Arrowstreet Capital more than doubled its stake in Newmont, increasing holdings by 110.4% in the fourth quarter to 8.74 million shares valued at about $873 million.
• Newmont beat expectations in its latest quarterly results, reporting $2.90 EPS versus $2.07 expected and revenue of $7.31 billion, up 45.8% year over year.
• Analysts remain mostly positive on the stock, with a Moderate Buy consensus and an average price target of $142.26; Newmont also declared a quarterly dividend of $0.26 per share.

Arrowstreet Capital Limited Partnership lifted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 110.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,743,228 shares of the basic materials company's stock after buying an additional 4,588,018 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.80% of Newmont worth $873,011,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NEM. GoalVest Advisory LLC acquired a new position in Newmont during the fourth quarter worth $25,000. Swiss RE Ltd. acquired a new position in Newmont during the fourth quarter worth $26,000. Cornerstone Planning Group LLC raised its holdings in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after purchasing an additional 206 shares during the last quarter. JPL Wealth Management LLC acquired a new position in Newmont during the third quarter worth $27,000. Finally, Lodestone Wealth Management LLC acquired a new position in Newmont during the fourth quarter worth $28,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. BMO Capital Markets lifted their price objective on Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Macquarie Infrastructure lifted their price objective on Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. TD Securities reaffirmed a "hold" rating and set a $129.00 price objective on shares of Newmont in a report on Monday, April 27th. Weiss Ratings cut Newmont from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 27th. Finally, Citigroup lifted their price objective on Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average target price of $142.26.

Newmont Stock Performance

NYSE NEM opened at $100.10 on Friday. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The stock has a market cap of $106.86 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42. The business has a fifty day moving average of $110.94 and a 200-day moving average of $109.98. 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 (NYSE:NEM - Get Free Report) last released its quarterly 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. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. The business's revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts predict that Newmont Corporation will post 9.91 earnings per share for the current fiscal 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 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 of this dividend is Wednesday, May 27th. Newmont's payout ratio is 13.49%.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares of the company's stock, valued at $4,877,895.80. The trade was a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 James Fry sold 18,394 shares of the business's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the transaction, the insider directly owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 49,950 shares of company stock valued at $5,494,288. Company insiders own 0.06% of the company's stock.

About Newmont

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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