Entropy Technologies LP Buys New Shares in Newmont Corporation $NEM

Key Points

• Entropy Technologies LP opened a new position in Newmont, buying 37,105 shares worth about $3.705 million in the fourth quarter.
• Analyst sentiment on Newmont remains constructive, with a Moderate Buy consensus and a consensus price target of $142.26. Recent updates included higher targets from Jefferies and National Bank Financial, while some firms maintained hold or buy ratings.
• Newmont reported strong quarterly results, posting earnings of $2.90 per share 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.

Entropy Technologies LP bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 37,105 shares of the basic materials company's stock, valued at approximately $3,705,000.

Several other institutional investors have also recently added to or reduced their stakes in NEM. Brighton Jones LLC increased 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 acquiring an additional 1,847 shares during the last quarter. Woodline Partners LP increased 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 acquiring an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Newmont during the second quarter worth about $240,000. Cerity Partners LLC increased 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 acquiring an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC increased 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 acquiring an additional 3,856 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on NEM shares. National Bank Financial upped their price target on Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a research note on Friday, April 24th. TD Securities restated a "hold" rating and set a $129.00 price target on shares of Newmont in a research note on Monday, April 27th. Jefferies Financial Group upped their price target on Newmont from $154.00 to $158.00 and gave the stock a "buy" rating in a research note on Monday, June 8th. Wall Street Zen lowered Newmont from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 30th. Finally, UBS Group dropped their price target on Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a research note on Friday, March 27th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.26.

Insider Buying and Selling

In other news, insider David John Thornton sold 2,296 shares of the company's stock in a transaction dated 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 sale, the insider owned 23,163 shares of the company's stock, valued at $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the sale, the executive vice president directly owned 46,315 shares of the company's stock, valued at $4,877,895.80. The trade was a 6.08% 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. Insiders sold 31,556 shares of company stock worth $3,444,276 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

Newmont Price Performance

Shares of NYSE NEM opened at $100.10 on Monday. Newmont Corporation has a 1-year low of $55.37 and a 1-year high of $134.88. The business has a 50-day moving average of $110.94 and a 200-day moving average of $110.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The company has a market capitalization of $106.86 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.66 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. The company's revenue was up 45.8% compared to the same quarter last year. On average, equities analysts anticipate that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Announces Dividend

The business 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 $0.26 dividend. 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 is presently 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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