Bank of New York Mellon Corp Acquires 725,012 Shares of Newmont Corporation $NEM

Key Points

• Bank of New York Mellon increased its Newmont stake by 6.7% in the fourth quarter, buying 725,012 shares and bringing its holdings to 11.62 million shares worth about $1.16 billion.
• Newmont reported strong quarterly results on April 23, with EPS of $2.90 and revenue of $7.31 billion, both above analyst expectations. Revenue rose 45.8% from a year earlier.
• The company also declared a quarterly dividend of $0.26 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $141.48.

Bank of New York Mellon Corp boosted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 6.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,622,479 shares of the basic materials company's stock after buying an additional 725,012 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.07% of Newmont worth $1,160,505,000 at the end of the most recent reporting period.

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

Newmont Stock Performance

NYSE NEM opened at $109.45 on Wednesday. The company has a fifty day moving average price of $111.08 and a 200-day moving average price of $109.23. The firm has a market cap of $116.84 billion, a price-to-earnings ratio of 14.20 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 1 year low of $52.08 and a 1 year high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 EPS. As a group, equities research analysts predict that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Wall Street Analyst Weigh In

Several analysts have recently commented on NEM shares. BMO Capital Markets raised their price objective on shares of Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 3rd. Citigroup raised their price objective on shares of Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Bank of America raised their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Finally, National Bank Financial lifted their price target on shares of Newmont from $130.00 to $140.00 and gave the company a "sector perform" rating in a research report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $141.48.

Insiders Place Their Bets

In related news, insider David John Thornton sold 2,296 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the sale, the insider 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 filing with the SEC, which is accessible through this link. 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 Wexler sold 13,378 shares of Newmont stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 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 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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