Handelsbanken Fonder AB Purchases 19,667 Shares of Newmont Corporation $NEM

Key Points

• Handelsbanken Fonder AB increased its stake in Newmont by 3.7% in the fourth quarter, buying 19,667 additional shares and bringing its total holding to 554,682 shares worth about $55.4 million.
• Newmont reported stronger-than-expected quarterly results, with earnings of $2.90 per share and revenue of $7.31 billion, both ahead of analyst estimates, while revenue jumped 45.8% year over year.
• Analysts remain broadly positive on NEM, with the stock carrying a “Moderate Buy” consensus and an average target price of $142.51, even as some insiders have recently sold shares under pre-arranged trading plans.

Handelsbanken Fonder AB grew its position in Newmont Corporation (NYSE:NEM - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 554,682 shares of the basic materials company's stock after purchasing an additional 19,667 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.05% of Newmont worth $55,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of NEM. Assetmark Inc. boosted its position in shares of Newmont by 398.3% during the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after acquiring an additional 2,294,396 shares during the last quarter. Boston Partners boosted its position in shares of Newmont by 49.3% during the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after acquiring an additional 2,288,653 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Newmont by 106.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock worth $349,288,000 after acquiring an additional 2,146,905 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Newmont by 142.0% during the second quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after acquiring an additional 1,914,286 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Newmont by 171.6% during the second quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company's stock worth $143,068,000 after acquiring an additional 1,582,324 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 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 transaction of $330,330.00. Following the completion of the sale, the executive vice president directly owned 49,315 shares of the company's stock, valued at $5,430,074.65. This represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the company's 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 sale, the insider directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last three months, insiders have sold 43,068 shares of company stock worth $4,769,475. Corporate insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

NEM has been the subject of a number of research reports. National Bank Financial upped their target price on shares of Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a research report on Friday, April 24th. TD Cowen restated a "buy" rating on shares of Newmont in a research report on Monday, April 27th. Bank of America upped their price target on shares of Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. UBS Group decreased their price target on shares of Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Finally, Wall Street Zen raised shares of Newmont from a "buy" rating to a "strong-buy" rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average target price of $142.51.

Newmont Trading Up 0.7%

NYSE:NEM opened at $109.81 on Tuesday. 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 stock has a market cap of $117.23 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 1.52 and a beta of 0.43. The business has a fifty day moving average of $111.83 and a 200-day moving average of $107.46. Newmont Corporation has a 1 year low of $49.99 and a 1 year high of $134.88.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's dividend 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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.