Ieq Capital LLC Boosts Stake in Newmont Corporation $NEM

Ieq Capital LLC increased its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 82.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 466,909 shares of the basic materials company's stock after purchasing an additional 211,345 shares during the period. Ieq Capital LLC's holdings in Newmont were worth $46,621,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank acquired a new stake in Newmont during the 4th quarter worth approximately $1,443,128,000. Assetmark Inc. lifted its holdings in Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after buying an additional 2,294,396 shares in the last quarter. Boston Partners lifted its holdings in Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after buying an additional 2,288,653 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock worth $349,288,000 after buying an additional 2,146,905 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after buying an additional 1,914,286 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $100.10 on Friday. The company's fifty day moving average price is $110.94 and its 200 day moving average price is $109.98. Newmont Corporation has a 12 month low of $55.37 and a 12 month high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The firm has a market capitalization of $106.86 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.62 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping 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 firm had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same period last year, the business earned $1.25 EPS. Newmont's revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, sell-side analysts predict that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid 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 payout ratio is currently 13.49%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NEM shares. Weiss Ratings lowered shares of Newmont from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 27th. Citigroup raised their price objective on shares of Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a report on Tuesday, March 3rd. Royal Bank Of Canada reduced their price objective on shares of Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, June 3rd. TD Securities restated a "hold" rating and issued a $129.00 price objective on shares of Newmont in a report on Monday, April 27th. Finally, UBS Group reduced their price objective on shares of Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a report on Friday, March 27th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and an average price target of $142.26.

Insider Buying and Selling

In other Newmont news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the transaction, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. This represents a 9.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 49,950 shares of company stock valued at $5,494,288 in the last quarter. Corporate 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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