Evelyn Partners Investment Management LLP Reduces Position in Newmont Corporation $NEM

Key Points

• Evelyn Partners Investment Management LLP cut its Newmont stake by 5.3% in the fourth quarter, selling 10,441 shares and ending with 186,964 shares valued at about $18.7 million.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus the $2.07 consensus 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, and analysts currently rate the stock a consensus Moderate Buy with an average price target of $142.26.

Evelyn Partners Investment Management LLP lessened its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 5.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 186,964 shares of the basic materials company's stock after selling 10,441 shares during the quarter. Evelyn Partners Investment Management LLP's holdings in Newmont were worth $18,668,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in NEM. GoalVest Advisory LLC purchased a new stake in shares of Newmont during the fourth quarter valued at approximately $25,000. Swiss RE Ltd. purchased a new stake in Newmont in the fourth quarter worth $26,000. Cornerstone Planning Group LLC lifted its stake in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after acquiring an additional 206 shares during the period. JPL Wealth Management LLC purchased a new stake in Newmont in the third quarter worth $27,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Newmont in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity

In other news, insider David John Thornton sold 2,296 shares of the firm'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 $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares in the company, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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, insider David James Fry sold 18,394 shares of the firm's 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 transaction, the insider owned 17,147 shares of the company's stock, valued at $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is currently owned by insiders.

Newmont Price Performance

NEM opened at $100.10 on Friday. The stock has a fifty day simple moving average of $110.94 and a two-hundred day simple moving average of $109.98. 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 $106.86 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 earnings per share. Research analysts predict 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. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. Newmont's dividend payout ratio is 13.49%.

Analysts Set New Price Targets

A number of analysts recently commented on NEM shares. Wall Street Zen lowered Newmont from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 30th. Sanford C. Bernstein raised Newmont from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $121.00 to $157.00 in a research note on Friday, February 27th. TD raised their price target on Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a research note on Monday, April 27th. Bank of America raised their price target on Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Finally, Weiss Ratings lowered 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 given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.26.

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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