Legal & General Group Plc Has $783.58 Million Holdings in Newmont Corporation $NEM

Key Points

• Legal & General Group Plc cut its stake in Newmont by 3.8% in the fourth quarter, but still held 7.85 million shares valued at about $783.6 million.
• Newmont reported a strong latest quarter, posting $2.90 EPS versus the $2.07 consensus and $7.31 billion in revenue, both above expectations. Revenue rose 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share, payable June 22, while analysts remain generally positive with a Moderate Buy consensus and an average price target of $142.05.

Legal & General Group Plc decreased its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 3.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,847,582 shares of the basic materials company's stock after selling 309,087 shares during the period. Legal & General Group Plc owned 0.72% of Newmont worth $783,581,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. GoalVest Advisory LLC acquired a new position in shares of Newmont during the 4th quarter valued at about $25,000. Cornerstone Planning Group LLC increased its holdings in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 206 shares during the last quarter. Lodestone Wealth Management LLC acquired a new position in shares of Newmont during the 4th quarter valued at about $28,000. Laurel Wealth Advisors LLC acquired a new position in shares of Newmont during the 4th quarter valued at about $30,000. Finally, Rosenberg Matthew Hamilton increased its holdings in shares of Newmont by 308.0% during the 4th quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company's stock valued at $31,000 after acquiring an additional 231 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $107.74 on Monday. The business has a 50 day moving average price of $111.03 and a 200 day moving average price of $108.19. Newmont Corporation has a twelve month low of $51.80 and a twelve month high of $134.88. The company has a market cap of $115.02 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.54 and a beta of 0.43. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating 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 firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the prior year, the company earned $1.25 EPS. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. Research analysts predict that Newmont Corporation will post 9.47 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders 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 dividend yield of 1.0%. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Insider Transactions at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of the firm's stock in a transaction that occurred on Monday, March 16th. The stock was 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 trade represents a 51.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm'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 completion of the sale, the executive vice president owned 49,315 shares of the company's stock, valued at $5,430,074.65. This represents a 5.73% 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. Insiders have sold a total of 43,068 shares of company stock worth $4,769,475 over the last 90 days. Insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on NEM. Sanford C. Bernstein raised Newmont from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $121.00 to $157.00 in a report on Friday, February 27th. TD Securities reissued a "hold" rating and set a $129.00 price objective on shares of Newmont in a report on Monday, April 27th. Argus increased their price objective on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Canaccord Genuity Group increased their target price on Newmont from $150.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Finally, Citigroup increased their target price on Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. Two research 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 stock. According to MarketBeat, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $142.05.

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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