Geneva Partners LLC Acquires New Holdings in Newmont Corporation $NEM

Key Points

• Geneva Partners LLC established a new position in Newmont (NYSE: NEM) in Q4, purchasing 35,190 shares worth about $3.51 million, which equals roughly 1.3% of its portfolio and is its 27th-largest holding.
• Newmont beat expectations with quarterly EPS of $2.90 versus $2.07 and revenue of $7.31B (up 45.8% YoY), announced a $0.26 quarterly dividend (annualized $1.04, ~0.9% yield), and holds a consensus Moderate Buy from analysts with an average target near $142.51.

Geneva Partners LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 35,190 shares of the basic materials company's stock, valued at approximately $3,514,000. Newmont makes up about 1.3% of Geneva Partners LLC's investment portfolio, making the stock its 27th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NEM. Assetmark Inc. lifted its holdings in 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. Boston Partners lifted its holdings in Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock valued at $585,828,000 after purchasing an additional 2,288,653 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Newmont by 106.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock valued at $349,288,000 after purchasing an additional 2,146,905 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Newmont by 142.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock valued at $189,963,000 after purchasing an additional 1,914,286 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Newmont by 171.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company's stock valued at $143,068,000 after purchasing an additional 1,582,324 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Down 1.5%

Shares of NEM stock opened at $113.38 on Friday. The firm has a market cap of $121.03 billion, a P/E ratio of 14.71, a PEG ratio of 1.64 and a beta of 0.43. Newmont Corporation has a 1-year low of $48.27 and a 1-year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The firm's 50-day simple moving average is $112.91 and its 200-day simple moving average is $105.96.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company's revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. As a group, equities analysts forecast that Newmont Corporation will post 9.5 EPS for the current year.

Newmont Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont's payout ratio is 13.49%.

Insider Buying and Selling at Newmont

In other Newmont news, insider David John Thornton sold 2,296 shares of the business's stock in a transaction that occurred on 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 directly owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 sale, the executive vice president owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold 43,068 shares of company stock valued at $4,769,475 in the last ninety days. Corporate insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. BMO Capital Markets upped their target price on shares of Newmont from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Bank of America upped their target price on shares of Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a report on Thursday, February 26th. TD upped their target price on shares of Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a report on Monday, April 27th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Finally, Citigroup increased their price objective on shares of Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $142.51.

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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