Brandywine Global Investment Management LLC Sells 13,343 Shares of Newmont Corporation $NEM

Key Points

• Brandywine Global Investment Management trimmed its Newmont stake by 1.8% in the fourth quarter, selling 13,343 shares and ending with 713,007 shares worth about $71.2 million.
• Insider selling has continued at Newmont, including notable sales by David James Fry and David John Thornton; insiders have sold 49,950 shares worth roughly $5.49 million over the last three months.
• Despite some mixed analyst moves, Wall Street remains constructive on Newmont overall, with a consensus Moderate Buy rating and an average price target of $142.07. The company also beat quarterly earnings and revenue estimates and declared a quarterly dividend of $0.26 per share.

Brandywine Global Investment Management LLC lowered its stake in Newmont Corporation (NYSE:NEM - Free Report) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 713,007 shares of the basic materials company's stock after selling 13,343 shares during the period. Brandywine Global Investment Management LLC owned 0.07% of Newmont worth $71,194,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Newmont by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock valued at $13,390,613,000 after purchasing an additional 637,996 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Newmont by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock valued at $2,738,756,000 after buying an additional 946,824 shares during the period. Norges Bank bought a new position in Newmont in the 4th quarter valued at approximately $1,443,128,000. Bank of New York Mellon Corp raised its holdings in Newmont by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 11,622,479 shares of the basic materials company's stock valued at $1,160,505,000 after buying an additional 725,012 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company's stock worth $687,223,000 after buying an additional 711,940 shares during the period. Institutional investors own 68.85% of the company's stock.

Insider Activity

In other Newmont news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David John Thornton sold 2,296 shares of the company'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 transaction, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% 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. In the last three months, insiders sold 49,950 shares of company stock worth $5,494,288. Company insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

NEM has been the topic of a number of recent research reports. Macquarie Infrastructure lifted their price target on shares of Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. BMO Capital Markets increased their price objective on Newmont from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, April 24th. TD Securities reaffirmed a "hold" rating and set a $129.00 target price on shares of Newmont in a report on Monday, April 27th. Bank of America upped their price target on Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, Weiss Ratings cut Newmont from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and an average price target of $142.07.

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

Newmont Stock Performance

Shares of Newmont stock opened at $99.77 on Monday. The business has a 50-day moving average price of $111.70 and a two-hundred day moving average price of $109.71. Newmont Corporation has a 1-year low of $52.08 and a 1-year high of $134.88. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company has a market cap of $106.51 billion, a P/E ratio of 12.94, a PEG ratio of 1.65 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $6.83 billion. During the same period in the previous year, the business earned $1.25 EPS. The firm's revenue was up 45.8% compared to the same quarter last year. As a group, analysts anticipate that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. 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%.

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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