Cookson Peirce & Co. Inc. Makes New $3.86 Million Investment in Newmont Corporation $NEM

Key Points

• Cookson Peirce & Co. Inc. bought a new position in Newmont during the fourth quarter, acquiring 38,678 shares valued at about $3.86 million.
• Newmont’s latest quarterly results beat expectations, with EPS of $2.90 versus $2.07 expected and revenue of $7.31 billion, up 45.8% year over year.
• The company also announced a quarterly dividend of $0.26 per share, payable June 22, while analysts maintain a Moderate Buy consensus with an average price target of $142.07.

Cookson Peirce & Co. Inc. purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 38,678 shares of the basic materials company's stock, valued at approximately $3,862,000.

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

Newmont Stock Performance

Newmont stock opened at $99.77 on Friday. The stock has a 50-day simple moving average of $111.70 and a 200 day simple moving average of $109.55. 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 Corporation has a 12-month low of $52.08 and a 12-month high of $134.88. The stock has a market capitalization of $106.51 billion, a price-to-earnings ratio of 12.94, a P/E/G ratio of 1.65 and a beta of 0.42.

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 (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 business 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 business posted $1.25 earnings per share. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. On average, research analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NEM shares. Royal Bank Of Canada decreased their price target on shares of Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a research note on Wednesday. Stifel Nicolaus lifted their price objective on Newmont from $120.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 10th. UBS Group cut their price objective on Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a report on Friday, March 27th. Bank of America lifted their price objective on Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Finally, Canadian Imperial Bank of Commerce set a $175.00 price objective on Newmont and gave the company an "outperform" rating in a report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $142.07.

Key Stories Impacting Newmont

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

Insider Transactions at Newmont

In related news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction dated 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 sale, the insider directly owned 17,147 shares in the company, valued at $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. The trade was a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is currently owned by insiders.

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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