Geode Capital Management LLC Purchases 946,824 Shares of Newmont Corporation $NEM

Key Points

• Geode Capital Management increased its Newmont stake by 3.6% in Q4, adding 946,824 shares and bringing its total holding to 27.0 million shares worth about $2.74 billion.
• Newmont’s recent quarter beat expectations, reporting $2.90 EPS versus $2.07 expected and revenue of $7.31 billion, up 45.8% year over year.
• Analysts remain generally positive on NEM, with an average rating of “Moderate Buy” and an average price target of $141.53, while the company also announced a quarterly dividend of $0.26 per share.

Geode Capital Management LLC lifted its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 3.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,011,084 shares of the basic materials company's stock after purchasing an additional 946,824 shares during the period. Geode Capital Management LLC owned about 2.48% of Newmont worth $2,738,756,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NEM. GoalVest Advisory LLC acquired a new position in shares of Newmont in the fourth quarter worth approximately $25,000. Cornerstone Planning Group LLC lifted its stake 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 worth $27,000 after acquiring an additional 206 shares during the period. Lodestone Wealth Management LLC acquired a new position in shares of Newmont in the fourth quarter worth approximately $28,000. Laurel Wealth Advisors LLC acquired a new position in shares of Newmont in the fourth quarter worth approximately $30,000. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of Newmont by 308.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company's stock worth $31,000 after acquiring an additional 231 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on NEM. TD Securities reaffirmed a "hold" rating and issued a $129.00 price objective on shares of Newmont in a research note on Monday, April 27th. TD lifted their price objective on Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a research note on Monday, April 27th. Bank of America lifted their price objective on Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Sanford C. Bernstein raised Newmont from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $121.00 to $157.00 in a research note on Friday, February 27th. Finally, Barclays assumed coverage on Newmont in a research note on Thursday, May 21st. They issued an "overweight" rating and a $133.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average price target of $141.53.

Newmont Price Performance

Shares of NYSE:NEM opened at $107.17 on Thursday. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont Corporation has a twelve month low of $51.80 and a twelve month high of $134.88. The stock's 50 day moving average is $110.88 and its 200-day moving average is $108.78. The firm has a market capitalization of $114.41 billion, a price-to-earnings ratio of 13.90 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (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 during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. Newmont's revenue was up 45.8% compared to the same quarter last year. Sell-side analysts forecast that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed 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. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio is 13.49%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the company's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the transaction, the executive vice president owned 49,315 shares of the company's stock, valued at $5,430,074.65. The trade was a 5.73% 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. Insiders have sold 43,068 shares of company stock worth $4,769,475 over the last 90 days. Company insiders own 0.06% of the company's stock.

Newmont 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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