Lockheed Martin Investment Management Co. Buys 105,200 Shares of Newmont Corporation $NEM

Key Points

• Lockheed Martin Investment Management significantly increased its Newmont stake, buying 105,200 more shares in the fourth quarter and lifting its position by 373% to 133,400 shares worth about $13.3 million.
• Newmont delivered strong quarterly results, reporting EPS of $2.90 versus expectations of $2.07 and revenue of $7.31 billion, ahead of estimates. Revenue rose 45.8% year over year, and analysts now expect full-year EPS of 9.72.
• Shares were down 6.4% in Friday trading to $108.93, even as the company announced a quarterly dividend of $0.26 per share payable June 22. The stock also saw recent insider selling, including executive vice president Peter Wexler and Peter Toth.

Lockheed Martin Investment Management Co. boosted its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 373.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 133,400 shares of the basic materials company's stock after purchasing an additional 105,200 shares during the period. Lockheed Martin Investment Management Co.'s holdings in Newmont were worth $13,320,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Apella Capital LLC lifted its position in Newmont by 4.1% during the fourth quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock valued at $219,000 after purchasing an additional 86 shares during the period. New Wave Wealth Advisors LLC lifted its position in Newmont by 1.3% during the fourth 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 during the period. Novem Group lifted its position in Newmont by 3.7% during the fourth 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 during the period. Norden Group LLC lifted its position in Newmont by 0.7% during the fourth 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 period. Finally, Coston McIsaac & Partners lifted its position in Newmont by 28.6% during the fourth quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock valued at $44,000 after purchasing an additional 100 shares during the period. Institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NEM. TD increased their price target on shares of Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a research report on Monday, April 27th. Wall Street Zen upgraded shares of Newmont from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Canadian Imperial Bank of Commerce decreased their price target on shares of Newmont from $177.00 to $176.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 21st. BMO Capital Markets increased their price target on shares of Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Finally, Jefferies Financial Group increased their price target on shares of Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, April 10th. One investment analyst has 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $142.51.

Insider Activity

In other news, EVP Peter Wexler sold 13,378 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the sale, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This trade represents a 16.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 firm's stock in a transaction 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 sale, the executive vice president owned 49,315 shares in the company, valued at $5,430,074.65. The trade was a 5.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 43,068 shares of company stock valued at $4,769,475 over the last 90 days. Company insiders own 0.06% of the company's stock.

Newmont Stock Down 6.4%

NEM opened at $108.93 on Friday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 1-year low of $48.61 and a 1-year high of $134.88. The company has a market capitalization of $116.29 billion, a PE ratio of 14.13, a PEG ratio of 1.62 and a beta of 0.43. The firm's 50 day simple moving average is $111.96 and its two-hundred day simple moving average is $107.04.

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 the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company's revenue was up 45.8% on a year-over-year basis. During the same period last year, the firm earned $1.25 EPS. As a group, equities analysts forecast that Newmont Corporation will post 9.72 EPS for the current year.

Newmont Dividend Announcement

The company 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. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 13.49%.

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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