Axxcess Wealth Management LLC Boosts Stock Position in Newmont Corporation $NEM

Key Points

• Axxcess Wealth Management boosted its Newmont stake by 300.4% in the fourth quarter, ending with 58,821 shares worth about $5.87 million.
• Wall Street sentiment remains mostly positive, with multiple firms raising price targets and Newmont carrying a Moderate Buy consensus rating and a $142.05 average target price.
• Newmont reported strong quarterly results, including EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, while also announcing a $0.26 quarterly dividend payable June 22.

Axxcess Wealth Management LLC increased its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 300.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 58,821 shares of the basic materials company's stock after buying an additional 44,131 shares during the quarter. Axxcess Wealth Management LLC's holdings in Newmont were worth $5,874,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GoalVest Advisory LLC acquired a new stake in shares of Newmont in the 4th quarter worth $25,000. Physician Wealth Advisors Inc. increased its stake in shares of Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock worth $26,000 after acquiring an additional 236 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in shares of Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after acquiring an additional 206 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Newmont in the 3rd quarter worth $27,000. Finally, Lodestone Wealth Management LLC purchased a new position in Newmont in the fourth quarter worth approximately $28,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on NEM shares. Canaccord Genuity Group increased their price objective on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 3rd. Jefferies Financial Group increased their price objective on Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, April 10th. Barclays started coverage on Newmont in a research report on Thursday. They issued an "overweight" rating and a $133.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on Newmont from $123.20 to $125.10 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Two research 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.05.

Insider Buying and Selling

In related news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on 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 directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, May 1st. The shares were 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 approximately $5,430,074.65. This trade represents a 5.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 currently owned by company insiders.

Newmont Stock Down 0.5%

NYSE:NEM opened at $107.74 on Friday. 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 fifty day moving average is $111.03 and its two-hundred day moving average is $108.00. Newmont Corporation has a 52 week low of $51.80 and a 52 week high of $134.88. The stock has a market capitalization of $115.02 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.54 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS 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 for the quarter, compared to analysts' expectations of $6.83 billion. During the same period in the prior year, the firm earned $1.25 earnings per share. The firm's revenue was up 45.8% compared to the same quarter last year. Research analysts anticipate that Newmont Corporation will post 9.47 EPS for the current year.

Newmont Dividend Announcement

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

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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