Flax Pond Capital LLC Purchases New Position in Newmont Corporation $NEM

Key Points

• Flax Pond Capital LLC opened a new position in Newmont, buying 36,630 shares valued at about $3.66 million. The stake represents roughly 2.7% of its portfolio and is the fund’s 13th largest holding.
• Institutional interest in Newmont remains strong, with several large investors increasing or initiating positions. Overall, about 68.85% of the stock is owned by institutional investors and hedge funds.
• Newmont recently beat quarterly earnings expectations, reporting $2.90 EPS on revenue of $7.31 billion. The company also announced a $0.26 quarterly dividend, which translates to a 1.0% annual yield.

Flax Pond Capital LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 36,630 shares of the basic materials company's stock, valued at approximately $3,658,000. Newmont accounts for approximately 2.7% of Flax Pond Capital LLC's investment portfolio, making the stock its 13th biggest position.

Several other large investors have also recently made changes to their positions in NEM. Norges Bank acquired a new position in shares of Newmont in the fourth quarter worth about $1,443,128,000. Van ECK Associates Corp boosted its stake in shares of Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock worth $2,973,539,000 after acquiring an additional 5,643,496 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Newmont by 110.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company's stock valued at $873,011,000 after acquiring an additional 4,588,018 shares during the period. AQR Capital Management LLC increased its stake in shares of Newmont by 82.5% in the 4th quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company's stock valued at $739,117,000 after purchasing an additional 3,345,543 shares in the last quarter. Finally, Assetmark Inc. increased its stake in shares of Newmont by 398.3% in the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock valued at $286,619,000 after purchasing an additional 2,294,396 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on NEM. Zacks Research raised Newmont from a "hold" rating to a "strong-buy" rating in a report on Monday, June 15th. TD Securities restated a "hold" rating and issued a $129.00 price objective on shares of Newmont in a research report on Monday, April 27th. Canaccord Genuity Group upped their target price on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Macquarie Infrastructure decreased their target price on Newmont from $133.00 to $123.00 and set an "outperform" rating on the stock in a research report on Monday, June 15th. Finally, Sanford C. Bernstein raised shares of Newmont from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $121.00 to $157.00 in a research note on Friday, February 27th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Newmont has an average rating of "Moderate Buy" and an average price target of $140.98.

Newmont Trading Up 0.1%

NEM stock opened at $103.86 on Friday. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88. The business's 50-day moving average is $110.02 and its 200 day moving average is $110.56. 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 market cap of $110.88 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.72 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion during 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%.The business'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. On average, sell-side analysts anticipate that Newmont Corporation will post 9.91 EPS 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 paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont's dividend payout ratio is currently 13.49%.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares of the company's stock, valued at $4,877,895.80. This represents a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction 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 trade represents a 9.02% 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 quarter, insiders have sold 28,556 shares of company stock worth $3,120,276. Company insiders own 0.06% of the company's stock.

Trending Headlines about Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont received major regulatory approvals from British Columbia for its Red Chris Block Cave project, a key milestone that supports a transition from open-pit mining to block caving and extends the mine life into the mid-2040s. The approval improves visibility on future production and could support the stock by advancing Newmont toward a final investment decision later this year. Article Title
• Positive Sentiment: Newmont continues to be viewed as a core name in gold mining, and broader strength in gold/mining shares may be helping sentiment around the stock. This can provide support even when company-specific news is limited. Article Title
• Neutral Sentiment: BNP Paribas Exane lowered its price target on Newmont to $111 from $128 while keeping a neutral rating. That is still above the current share price, but the cut may temper near-term enthusiasm. Article Title
• Negative Sentiment: Reports say Newmont’s Cadia mine was halted after an earthquake, raising concerns about temporary production disruption. Any prolonged shutdown could weigh on output and sentiment until Newmont clarifies the impact. Article Title

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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