Eurizon Capital SGR S.p.A. Acquires New Position in Newmont Corporation $NEM

Key Points

• Eurizon Capital SGR S.p.A. opened a new position in Newmont during the fourth quarter, buying 691,089 shares worth about $69.2 million.
• Newmont posted a strong quarterly beat, reporting EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, with revenue up 45.8% year over year.
• The company also announced a quarterly dividend of $0.26 per share and continues to draw generally positive Wall Street sentiment, with an average analyst rating of “Moderate Buy” and a price target of $141.53.

Eurizon Capital SGR S.p.A. acquired a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 691,089 shares of the basic materials company's stock, valued at approximately $69,165,000. Eurizon Capital SGR S.p.A. owned about 0.06% of Newmont as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NEM. GoalVest Advisory LLC bought a new stake in Newmont in the fourth quarter valued at about $25,000. Physician Wealth Advisors Inc. increased its holdings in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after buying an additional 236 shares during the last quarter. Cornerstone Planning Group LLC increased its holdings in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after buying an additional 206 shares during the last quarter. JPL Wealth Management LLC bought a new stake in Newmont in the third quarter valued at about $27,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Newmont during the fourth quarter valued at approximately $28,000. 68.85% of the stock is owned by institutional investors.

Newmont Stock Performance

Shares of NYSE NEM opened at $109.60 on Friday. 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 stock has a 50 day simple moving average of $110.89 and a 200-day simple moving average of $108.96. The company has a market cap of $117.01 billion, a PE ratio of 14.22 and a beta of 0.43. Newmont Corporation has a 12-month low of $51.80 and a 12-month high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last issued 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 business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business's revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 earnings per share. On average, equities research analysts forecast that Newmont Corporation will post 9.72 EPS for the current year.

Newmont Dividend Announcement

The firm also recently disclosed 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 is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's payout ratio is currently 13.49%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Canaccord Genuity Group upped their target price on Newmont from $150.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Scotiabank lowered their target price on Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a report on Friday, March 20th. Weiss Ratings lowered Newmont from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday. TD Securities reaffirmed a "hold" rating and set a $129.00 target price on shares of Newmont in a report on Monday, April 27th. Finally, The Goldman Sachs Group upped their target price on Newmont from $123.20 to $125.10 and gave the company a "buy" rating in a report on Tuesday, April 28th. Two research 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $141.53.

Insiders Place Their Bets

In other news, EVP Peter Wexler sold 13,378 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the transaction, the executive vice president owned 49,315 shares of the company's stock, valued at approximately $5,430,074.65. This represents a 5.73% 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. In the last ninety days, insiders have sold 43,068 shares of company stock valued at $4,769,475. Corporate insiders own 0.06% of the company's stock.

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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