Great Lakes Advisors LLC Purchases 41,430 Shares of Newmont Corporation $NEM

Key Points

• Great Lakes Advisors LLC increased its Newmont stake by 19.8% in the fourth quarter, adding 41,430 shares and bringing its total holding to 250,250 shares worth about $24.99 million.
• Insider selling continued, with EVP Peter Wexler and CEO Natascha Viljoen both selling shares under pre-arranged Rule 10b5-1 plans; insiders sold 49,950 shares worth about $5.49 million over the last 90 days.
• Analysts remain broadly positive on Newmont, with a Moderate Buy consensus and an average price target of $142.26; the company also beat quarterly earnings expectations and recently declared a $0.26 per share dividend.

Great Lakes Advisors LLC grew its stake in Newmont Corporation (NYSE:NEM - Free Report) by 19.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,250 shares of the basic materials company's stock after purchasing an additional 41,430 shares during the period. Great Lakes Advisors LLC's holdings in Newmont were worth $24,988,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Aviva PLC grew its position in Newmont by 6.0% in the 4th quarter. Aviva PLC now owns 1,015,158 shares of the basic materials company's stock worth $101,364,000 after purchasing an additional 57,157 shares during the last quarter. Caerus Investment Advisors LLC grew its position in Newmont by 67.9% in the 4th quarter. Caerus Investment Advisors LLC now owns 11,167 shares of the basic materials company's stock worth $1,115,000 after purchasing an additional 4,517 shares during the last quarter. Great Valley Advisor Group Inc. acquired a new stake in Newmont in the 4th quarter worth $209,000. Kovack Advisors Inc. acquired a new stake in Newmont in the 4th quarter worth $207,000. Finally, Qtron Investments LLC grew its position in Newmont by 63.5% in the 4th quarter. Qtron Investments LLC now owns 27,945 shares of the basic materials company's stock worth $2,790,000 after purchasing an additional 10,853 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Newmont

In related news, 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 transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares of the company's stock, valued at $7,472,615.15. This trade represents a 16.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the transaction, the chief executive officer directly owned 142,999 shares of the company's stock, valued at $15,060,654.68. This represents a 2.64% 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. Insiders sold 49,950 shares of company stock worth $5,494,288 in the last 90 days. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NEM. Argus raised their price target on shares of Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. TD Securities restated a "hold" rating and issued a $129.00 price target on shares of Newmont in a research report on Monday, April 27th. Jefferies Financial Group raised their price target on shares of Newmont from $154.00 to $158.00 and gave the stock a "buy" rating in a research report on Monday. Citigroup raised their price target on shares of Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Finally, BNP Paribas Exane lifted their target price on shares of Newmont from $123.00 to $128.00 and gave the company a "neutral" rating in a research report on Monday, March 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $142.26.

Newmont Price Performance

Shares of Newmont stock opened at $97.52 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The firm's 50-day simple moving average is $111.21 and its 200-day simple moving average is $110.05. Newmont Corporation has a twelve month low of $54.14 and a twelve month high of $134.88. The firm has a market cap of $104.11 billion, a P/E ratio of 12.65, a price-to-earnings-growth ratio of 1.54 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $6.83 billion. During the same period in the previous year, the business earned $1.25 EPS. The firm's revenue was up 45.8% on a year-over-year basis. As a group, research analysts expect that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders 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 dividend yield of 1.1%. The ex-dividend date is Wednesday, May 27th. Newmont's payout ratio is 13.49%.

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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