HighTower Advisors LLC Sells 31,065 Shares of Newmont Corporation $NEM

Key Points

• HighTower Advisors LLC trimmed its Newmont stake by 4.7% in the fourth quarter, selling 31,065 shares and ending with 629,217 shares valued at about $62.8 million.
• Analysts remain generally bullish on Newmont, with a consensus rating of Moderate Buy and an average price target of $142.51 after several firms raised targets.
• Newmont posted strong quarterly results, beating EPS and revenue estimates, and also announced a quarterly dividend of $0.26 per share, implying a 1.0% annualized yield.

HighTower Advisors LLC decreased its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 4.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 629,217 shares of the basic materials company's stock after selling 31,065 shares during the period. HighTower Advisors LLC owned 0.06% of Newmont worth $62,827,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NEM. GoalVest Advisory LLC purchased a new position in Newmont during the 4th quarter valued at about $25,000. Physician Wealth Advisors Inc. grew its stake in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after purchasing an additional 236 shares during the last quarter. Cornerstone Planning Group LLC grew its stake in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 206 shares during the last quarter. JPL Wealth Management LLC purchased a new position in Newmont in the third quarter valued at about $27,000. Finally, Lodestone Wealth Management LLC purchased a new position in Newmont in the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on NEM shares. Argus raised their price target on Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. TD Securities reissued a "hold" rating and issued a $129.00 price target on shares of Newmont in a report on Monday, April 27th. Royal Bank Of Canada raised their price target on Newmont from $120.00 to $125.00 and gave the stock an "outperform" rating in a report on Tuesday, February 3rd. TD raised their price target on Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Finally, Canaccord Genuity Group raised their price target on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.51.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company'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 $330,330.00. Following the sale, the executive vice president owned 49,315 shares in the company, valued at $5,430,074.65. This represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David James Fry sold 18,394 shares of the company's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 43,068 shares of company stock worth $4,769,475 in the last ninety days. Corporate insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of NYSE NEM opened at $107.36 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a fifty-two week low of $51.80 and a fifty-two week high of $134.88. The company has a market cap of $114.61 billion, a PE ratio of 13.92, a P/E/G ratio of 1.50 and a beta of 0.43. The business has a 50-day simple moving average of $111.41 and a two-hundred day simple moving average of $107.81.

Newmont (NYSE:NEM - Get Free Report) last issued 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. The firm had revenue of $7.31 billion for 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%.Newmont's revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, equities analysts expect that Newmont Corporation will post 9.47 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. Newmont's dividend payout ratio is currently 13.49%.

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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