Jupiter Asset Management Ltd. Purchases Shares of 81,113 Newmont Corporation $NEM

Key Points

• Jupiter Asset Management opened a new position in Newmont, buying 81,113 shares worth about $8.1 million in the fourth quarter.
• Newmont’s latest quarterly results beat expectations, with EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, up 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share, while analysts remain generally positive with an average Moderate Buy rating and a target price of $141.53.

Jupiter Asset Management Ltd. acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 81,113 shares of the basic materials company's stock, valued at approximately $8,099,000.

Several other institutional investors have also recently modified their holdings of NEM. Apella Capital LLC boosted its stake in Newmont by 4.1% in the fourth quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock worth $219,000 after buying an additional 86 shares in the last quarter. New Wave Wealth Advisors LLC boosted its stake in shares of Newmont by 1.3% in the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company's stock valued at $684,000 after purchasing an additional 88 shares in the last quarter. Novem Group boosted its stake in shares of Newmont by 3.7% in the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company's stock valued at $248,000 after purchasing an additional 88 shares in the last quarter. Norden Group LLC grew its holdings in shares of Newmont by 0.7% during the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company's stock valued at $1,235,000 after purchasing an additional 90 shares during the last quarter. Finally, Coston McIsaac & Partners raised its position in Newmont by 28.6% in the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock worth $44,000 after purchasing an additional 100 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Insider Activity at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on Monday, March 16th. The stock was 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 approximately $1,911,033.15. The trade was a 51.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David John Thornton sold 2,296 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 value of $252,812.56. Following the completion of the transaction, the insider owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last ninety days, insiders have sold 43,068 shares of company stock valued at $4,769,475. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Up 1.3%

NYSE NEM opened at $109.60 on Friday. The business's 50-day moving average is $110.89 and its 200 day moving average is $108.96. The stock has a market capitalization of $117.01 billion, a PE ratio of 14.22 and a beta of 0.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 1 year low of $51.80 and a 1 year high of $134.88.

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

Newmont Announces Dividend

The business also recently declared 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 is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's payout ratio is currently 13.49%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. BMO Capital Markets upped their price target on shares of Newmont from $140.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Barclays began coverage on Newmont in a report on Thursday, May 21st. They set an "overweight" rating and a $133.00 target price for the company. Canadian Imperial Bank of Commerce decreased their price target on Newmont from $177.00 to $176.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 21st. Finally, Wall Street Zen downgraded Newmont from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Two investment 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 company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $141.53.

Newmont Company 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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