Life Cycle Investment Partners Ltd Takes Position in Newmont Corporation $NEM

Key Points

• Life Cycle Investment Partners disclosed a new fourth-quarter stake in Newmont, buying 1,664,404 shares worth about $166.2 million. The position represents roughly 1.2% of its portfolio and 0.15% of Newmont.
• Newmont reported strong quarterly results, with earnings of $2.90 per share and revenue of $7.31 billion, both above analyst expectations. Revenue rose 45.8% year over year.
• The company also announced a quarterly dividend of $0.26 per share, payable June 22, while analysts remain broadly positive with a Moderate Buy consensus and average price target of $142.05.

Life Cycle Investment Partners Ltd purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,664,404 shares of the basic materials company's stock, valued at approximately $166,191,000. Newmont makes up approximately 1.2% of Life Cycle Investment Partners Ltd's portfolio, making the stock its 23rd largest position. Life Cycle Investment Partners Ltd owned 0.15% of Newmont as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NEM. Brighton Jones LLC grew its holdings in shares of Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,847 shares in the last quarter. Woodline Partners LP boosted its holdings in Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock worth $4,644,000 after purchasing an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Newmont in the second quarter worth $240,000. Cerity Partners LLC boosted its holdings in Newmont by 108.9% in the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock worth $7,303,000 after purchasing an additional 65,342 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock worth $2,854,000 after purchasing an additional 3,856 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president owned 67,865 shares of the company's stock, valued at $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $330,330.00. Following the completion of the transaction, the executive vice president directly owned 49,315 shares of the company's stock, valued at $5,430,074.65. This trade 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 sold a total of 43,068 shares of company stock worth $4,769,475 over the last ninety days. Corporate insiders own 0.06% of the company's stock.

Newmont Stock Down 0.5%

Shares of NEM opened at $107.74 on Friday. The company has a 50-day simple moving average of $111.03 and a 200-day simple moving average of $108.00. The firm has a market capitalization of $115.02 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.54 and a beta of 0.43. 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 52 week low of $51.80 and a 52 week high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm's revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 earnings per share. On average, equities research analysts expect that Newmont Corporation will post 9.47 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. 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 dividend payout ratio is currently 13.49%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NEM. Argus upped their price objective on shares of Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. UBS Group decreased their price target on shares of Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a report on Friday, March 27th. Canadian Imperial Bank of Commerce decreased their price target on shares of Newmont from $177.00 to $176.00 and set an "outperform" rating for the company in a report on Tuesday, April 21st. The Goldman Sachs Group upped their price target on shares of Newmont from $123.20 to $125.10 and gave the company a "buy" rating in a report on Tuesday, April 28th. Finally, Wall Street Zen upgraded shares of Newmont from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 16th. 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $142.05.

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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