Highland Capital Management LLC Acquires 44,874 Shares of Newmont Corporation (NYSE:NEM)

Highland Capital Management LLC increased its position in Newmont Corporation (NYSE:NEM - Free Report) by 100.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,357 shares of the basic materials company's stock after buying an additional 44,874 shares during the period. Highland Capital Management LLC's holdings in Newmont were worth $4,314,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Newmont by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company's stock valued at $919,484,000 after buying an additional 1,213,397 shares during the period. Norges Bank acquired a new stake in shares of Newmont in the 4th quarter valued at about $626,074,000. Northern Trust Corp grew its stake in shares of Newmont by 11.5% in the 4th quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock valued at $474,263,000 after buying an additional 1,309,177 shares during the period. Amundi grew its stake in shares of Newmont by 14.0% in the 4th quarter. Amundi now owns 12,302,579 shares of the basic materials company's stock valued at $481,400,000 after buying an additional 1,507,708 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Newmont by 23.9% in the 4th quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after buying an additional 2,028,150 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Performance

Shares of Newmont stock traded down $2.43 during mid-day trading on Friday, hitting $56.76. 16,535,668 shares of the stock were exchanged, compared to its average volume of 10,569,425. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $60.31. The company has a 50-day simple moving average of $54.18 and a 200 day simple moving average of $47.57. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.70 and a current ratio of 1.98. The company has a market capitalization of $63.17 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.75 and a beta of 0.31.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.71 by $0.54. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The firm had revenue of $5.01 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter last year, the firm earned $0.55 EPS. Sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were issued a $0.25 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.76%. Newmont's dividend payout ratio (DPR) is presently 22.42%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the sale, the executive vice president now owns 77,526 shares of the company's stock, valued at approximately $4,193,381.34. The trade was a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $112,344.93. Following the completion of the sale, the director now directly owns 45,180 shares in the company, valued at $2,443,786.20. This trade represents a 4.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,154 shares of company stock valued at $381,539. 0.05% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NEM shares. BMO Capital Markets restated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. Scotiabank reiterated a "sector perform" rating on shares of Newmont in a research note on Monday, April 14th. Argus set a $63.00 price target on Newmont in a research note on Friday, April 25th. National Bank Financial upgraded Newmont to a "hold" rating in a research note on Friday, March 21st. Finally, Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $58.38.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.