HighPoint Advisor Group LLC Decreases Stake in Newmont Corporation $NEM

Key Points

• HighPoint Advisor Group cut its Newmont stake by 37.6% in the fourth quarter, selling 14,487 shares and leaving it with 24,051 shares worth about $2.4 million.
• Newmont posted better-than-expected first-quarter results, with EPS of $2.90 versus estimates of $2.07 and revenue of $7.31 billion, up 45.8% year over year.
• The company declared a quarterly dividend of $0.26 per share payable June 22, while analysts overall maintain a Moderate Buy rating with an average price target of $142.51.

HighPoint Advisor Group LLC lessened its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 37.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,051 shares of the basic materials company's stock after selling 14,487 shares during the quarter. HighPoint Advisor Group LLC's holdings in Newmont were worth $2,401,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Brighton Jones LLC lifted its stake in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP grew its position in shares of Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock valued at $4,644,000 after purchasing an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Newmont in the second quarter valued at approximately $240,000. Cerity Partners LLC lifted its position in Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock worth $7,303,000 after buying an additional 65,342 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in Newmont by 8.5% during the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock worth $2,854,000 after buying an additional 3,856 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NEM has been the subject of several analyst reports. National Bank Financial upped their target price on Newmont from $130.00 to $140.00 and gave the company a "sector perform" rating in a report on Friday, April 24th. Stifel Nicolaus boosted their price target on shares of Newmont from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, February 10th. Canadian Imperial Bank of Commerce dropped their price objective on shares of Newmont from $177.00 to $176.00 and set an "outperform" rating for the company in a report on Tuesday, April 21st. UBS Group cut their price objective on shares of Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a research report on Friday, March 27th. Finally, Bank of America boosted their target price on shares of Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $142.51.

Newmont Stock Down 0.7%

Shares of NYSE:NEM opened at $119.77 on Wednesday. The company has a market capitalization of $127.86 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.68 and a beta of 0.43. Newmont Corporation has a 12-month low of $48.27 and a 12-month high of $134.88. The business has a 50-day moving average price of $112.40 and a 200 day moving average price of $106.58. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. Newmont's revenue for the quarter was up 45.8% compared to the same quarter last year. Sell-side analysts expect that Newmont Corporation will post 9.72 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Insider Activity at Newmont

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president owned 67,865 shares of the company's stock, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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, insider David John Thornton sold 2,296 shares of the firm'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 $252,812.56. Following the transaction, the insider 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. Insiders have sold a total of 43,068 shares of company stock worth $4,769,475 over the last quarter. Company insiders own 0.06% of the company's stock.

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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