Empire Life Investments Inc. Buys Shares of 118,216 Newmont Corporation $NEM

Key Points

• Empire Life Investments Inc. opened a new position in Newmont during the fourth quarter, buying 118,216 shares valued at about $11.8 million.
• Newmont reported strong quarterly results, with EPS of $2.90 versus estimates of $2.07 and revenue of $7.31 billion, up 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share, while analysts remain generally bullish with a consensus rating of Moderate Buy and a price target of $142.51.

Empire Life Investments Inc. bought a new position in Newmont Corporation (NYSE:NEM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 118,216 shares of the basic materials company's stock, valued at approximately $11,804,000.

A number of other large investors have also made changes to their positions in NEM. Vanguard Group Inc. increased its holdings in 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 buying an additional 637,996 shares during the last quarter. Legal & General Group Plc lifted its holdings in Newmont by 9.6% in 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 purchasing an additional 711,940 shares in the last quarter. Boston Partners boosted its position in shares of Newmont by 49.3% during the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after acquiring an additional 2,288,653 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Newmont by 16.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 4,996,775 shares of the basic materials company's stock valued at $498,928,000 after purchasing an additional 692,560 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Newmont by 33.8% during the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company's stock valued at $414,270,000 after buying an additional 1,244,845 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Performance

Newmont stock opened at $119.77 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The company has a market capitalization of $127.86 billion, a PE ratio of 15.53, a P/E/G ratio of 1.68 and a beta of 0.43. The company has a 50 day moving average price of $112.40 and a 200-day moving average price of $106.58. Newmont Corporation has a fifty-two week low of $48.27 and a fifty-two week high of $134.88.

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, topping the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.Newmont's revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, equities analysts forecast that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont's dividend payout ratio is 13.49%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a report on Friday, April 10th. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Saturday, April 25th. UBS Group lowered their target price on shares of Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a report on Friday, March 27th. Scotiabank dropped their price target on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a research note on Friday, March 20th. Finally, Bank of America increased 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus price target of $142.51.

Insider Buying and Selling at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the company's stock in a transaction on 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 $7,472,615.15. This represents a 16.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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, insider David James Fry sold 18,394 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is owned by company insiders.

Newmont 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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