Gamco Investors INC. ET AL Has $59.55 Million Holdings in Newmont Corporation $NEM

Key Points

• Gamco Investors increased its Newmont stake by 3.4% in the fourth quarter, buying 19,857 more shares and bringing its holdings to 596,345 shares worth about $59.5 million.
• Wall Street sentiment on Newmont remains broadly positive, with a Moderate Buy consensus and an average price target of $142.51, even as some firms adjusted their targets and ratings.
• Newmont reported strong quarterly results, including EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, and it also announced a quarterly dividend of $0.26 per share payable June 22.

Gamco Investors INC. ET AL grew its stake in Newmont Corporation (NYSE:NEM - Free Report) by 3.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 596,345 shares of the basic materials company's stock after buying an additional 19,857 shares during the quarter. Gamco Investors INC. ET AL owned 0.05% of Newmont worth $59,545,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. GoalVest Advisory LLC acquired a new position in shares of Newmont in the fourth quarter valued at approximately $25,000. Physician Wealth Advisors Inc. boosted its holdings in shares of 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 period. Cornerstone Planning Group LLC boosted its holdings in shares of 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 period. JPL Wealth Management LLC acquired a new position in shares of Newmont in the third quarter valued at approximately $27,000. Finally, Lodestone Wealth Management LLC acquired a new position in shares of Newmont in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of several research analyst reports. TD Securities reiterated a "hold" rating and issued a $129.00 price target on shares of Newmont in a report on Monday, April 27th. UBS Group reduced their price target on shares of Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a report on Friday, March 27th. Macquarie Infrastructure increased their target price on shares of Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. TD Cowen restated a "buy" rating on shares of Newmont in a report on Monday, April 27th. Finally, Stifel Nicolaus increased their target price on shares of Newmont from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $142.51.

Newmont Stock Performance

Shares of NEM opened at $108.93 on Monday. Newmont Corporation has a 12 month low of $48.61 and a 12 month high of $134.88. The firm has a fifty day simple moving average of $111.96 and a 200 day simple moving average of $107.24. The stock has a market capitalization of $116.29 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 1.52 and a beta of 0.43. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

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, topping the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The firm's revenue was up 45.8% on a year-over-year basis. Research analysts forecast that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. 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 13.49%.

Insider Activity

In other Newmont news, insider David John Thornton sold 2,296 shares of the stock in a transaction on Friday, May 1st. The shares were 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 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 SEC, which is available 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, insider David James Fry sold 18,394 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the sale, the insider owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is owned by insiders.

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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