Intech Investment Management LLC Has $17.38 Million Position in Newmont Corporation $NEM

Key Points

• Intech Investment Management trimmed its Newmont stake by 7.8% in the fourth quarter, leaving it with 174,053 shares valued at about $17.38 million.
• Several hedge funds also adjusted their positions in Newmont, and institutional investors now own 68.85% of the company’s stock.
• Newmont reported strong quarterly results, with EPS of $2.90 and revenue of $7.31 billion, both beating estimates, while analysts currently rate the stock Moderate Buy with an average target price of $141.53.

Intech Investment Management LLC lessened its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 7.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 174,053 shares of the basic materials company's stock after selling 14,798 shares during the quarter. Intech Investment Management LLC's holdings in Newmont were worth $17,379,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in NEM. Foundations Investment Advisors LLC boosted its position in shares of Newmont by 11.8% during the 4th quarter. Foundations Investment Advisors LLC now owns 4,046 shares of the basic materials company's stock valued at $404,000 after acquiring an additional 426 shares in the last quarter. Baker Avenue Asset Management LP raised its position in Newmont by 103.1% in the fourth quarter. Baker Avenue Asset Management LP now owns 2,155 shares of the basic materials company's stock worth $215,000 after purchasing an additional 71,831 shares in the last quarter. Thoroughbred Financial Services LLC lifted its stake in Newmont by 135.4% during the fourth quarter. Thoroughbred Financial Services LLC now owns 7,616 shares of the basic materials company's stock worth $760,000 after purchasing an additional 4,380 shares during the period. Huntington National Bank boosted its holdings in Newmont by 9.6% during the fourth quarter. Huntington National Bank now owns 11,706 shares of the basic materials company's stock valued at $1,169,000 after purchasing an additional 1,024 shares in the last quarter. Finally, IPG Investment Advisors LLC acquired a new stake in Newmont during the fourth quarter valued at approximately $1,606,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce dropped their target price on Newmont from $177.00 to $176.00 and set an "outperform" rating for the company in a report on Tuesday, April 21st. Argus upped their price target on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Scotiabank dropped their price objective on Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a research note on Friday, March 20th. TD boosted their target price on shares of Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a research note on Monday, April 27th. Finally, Weiss Ratings lowered shares of Newmont from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday. Two analysts have 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.com, Newmont currently has an average rating of "Moderate Buy" and an average target price of $141.53.

Insider Activity at Newmont

In other news, insider David James Fry sold 18,394 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider directly owned 17,147 shares of the company's stock, valued at $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The shares were 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 approximately $5,430,074.65. This represents a 5.73% decrease in their position. 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. Insiders have sold a total of 43,068 shares of company stock valued at $4,769,475 over the last ninety days. Company insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of NEM stock opened at $108.32 on Friday. The stock's fifty day moving average is $110.82 and its 200-day moving average is $108.95. 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 capitalization of $115.64 billion, a PE ratio of 14.05 and a beta of 0.43. Newmont Corporation has a 52 week low of $51.80 and a 52 week high of $134.88.

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

Newmont Announces Dividend

The business also recently announced 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 of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont's 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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