Genus Capital Management Inc. Sells 10,000 Shares of Newmont Corporation $NEM

Key Points

• Genus Capital Management cut its Newmont stake by 51.9% in the fourth quarter, selling 10,000 shares and ending with 9,260 shares worth about $925,000.
• Several other institutional investors increased their positions, and overall institutional ownership stands at 68.85% of Newmont’s stock.
• Newmont reported strong quarterly results, with EPS of $2.90 topping estimates and revenue rising 45.8% year over year; analysts currently rate the stock a Moderate Buy with a consensus target of $142.05.

Genus Capital Management Inc. reduced its stake in Newmont Corporation (NYSE:NEM - Free Report) by 51.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,260 shares of the basic materials company's stock after selling 10,000 shares during the period. Genus Capital Management Inc.'s holdings in Newmont were worth $925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in NEM. Assetmark Inc. boosted its position 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 worth $286,619,000 after purchasing an additional 2,294,396 shares during the last quarter. Boston Partners boosted its position in shares of Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after purchasing an additional 2,288,653 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of 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 worth $349,288,000 after purchasing an additional 2,146,905 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Newmont by 142.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after purchasing an additional 1,914,286 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new position in shares of Newmont in the 4th quarter worth $166,191,000. 68.85% of the stock is currently owned by institutional investors.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the sale, the executive vice president owned 49,315 shares of the company's stock, valued at $5,430,074.65. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The SEC filing for this sale provides additional information. 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 sold 43,068 shares of company stock worth $4,769,475. Company insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NEM. 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 report on Thursday, February 26th. Macquarie Infrastructure raised their price target on Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Wall Street Zen raised Newmont from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. Stifel Nicolaus raised their price objective on Newmont from $120.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, February 10th. Finally, BNP Paribas Exane raised their price objective on Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a research note on Monday, March 2nd. Two analysts have 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 MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.05.

Newmont Stock Performance

Shares of Newmont stock opened at $107.74 on Tuesday. The company has a market capitalization of $115.02 billion, a PE ratio of 13.97, a PEG ratio of 1.54 and a beta of 0.43. Newmont Corporation has a 12 month low of $51.80 and a 12 month high of $134.88. 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's fifty day simple moving average is $110.90 and its 200 day simple moving average is $108.39.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data 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 return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter last year, the business posted $1.25 EPS. The firm's revenue was up 45.8% compared to the same quarter last year. On average, research analysts predict that Newmont Corporation will post 9.47 EPS for the current 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 paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Newmont's dividend payout ratio (DPR) is currently 13.49%.

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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