Fulcrum Asset Management LLP Makes New Investment in Newmont Corporation $NEM

Key Points

• Fulcrum Asset Management initiated a position in Newmont, buying 42,359 shares worth about $4.96 million in the third quarter. Several other institutions also opened positions; institutional investors collectively own 68.85% of the stock.
• Newmont’s latest quarter beat expectations, with EPS of $2.20 versus $1.94 forecast and revenue of $6.36 billion, up 15.2% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $137.20. Newmont also announced a quarterly dividend of $0.26 per share, equal to a 0.8% annualized yield.

Fulcrum Asset Management LLP purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 42,359 shares of the basic materials company's stock, valued at approximately $4,960,000.

A number of other large investors have also recently bought and sold shares of the stock. Hourglass Capital LLC acquired a new position in Newmont during the third quarter valued at approximately $13,066,000. Hennessy Advisors Inc. purchased a new stake in Newmont during the third quarter worth approximately $2,491,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH acquired a new stake in shares of Newmont in the third quarter worth $814,000. Greenleaf Trust acquired a new stake in shares of Newmont in the third quarter worth $3,043,000. Finally, BOCHK Asset Management Ltd acquired a new stake in shares of Newmont in the third quarter worth $3,068,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on NEM shares. BMO Capital Markets lifted their target price on shares of Newmont from $135.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, September 29th. Freedom Broker downgraded Newmont from a "buy" rating to a "hold" rating and lowered their price target for the company from $130.00 to $116.00 in a report on Thursday, October 22nd. Argus set a $110.00 price objective on Newmont and gave the company a "buy" rating in a research report on Monday, August 3rd. Sanford C. Bernstein boosted their price objective on Newmont from $144.00 to $150.00 in a research note on Friday, October 16th. Finally, Barclays reduced their price objective on Newmont from $124.00 to $123.00 and set an "overweight" rating on the stock in a research note on Monday, October 19th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $137.20.

Newmont Price Performance

Shares of NEM stock opened at $125.13 on Tuesday. The firm has a fifty day simple moving average of $118.81 and a 200-day simple moving average of $112.51. The company has a market capitalization of $130.03 billion, a PE ratio of 14.55, a price-to-earnings-growth ratio of 2.15 and a beta of 0.56. Newmont Corporation has a twelve month low of $81.34 and a twelve month high of $135.29. The company has a current ratio of 2.45, a quick ratio of 2.16 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.26. The firm had revenue of $6.36 billion for the quarter, compared to the consensus estimate of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The firm's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.71 EPS. Equities research analysts anticipate that Newmont Corporation will post 9.14 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, November 25th. Newmont's payout ratio is presently 12.09%.

Insider Transactions at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $108.04, for a total value of $419,411.28. Following the completion of the transaction, the chief executive officer owned 101,691 shares of the company's stock, valued at approximately $10,986,695.64. This represents a 3.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $108.04, for a total value of $324,120.00. Following the completion of the transaction, the executive vice president directly owned 31,315 shares of the company's stock, valued at $3,383,272.60. This represents a 8.74% 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. Over the last ninety days, insiders have sold 20,646 shares of company stock worth $2,380,140. Corporate insiders own 0.06% of the company's stock.

About Newmont

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