Los Angeles Capital Management LLC Buys 91,969 Shares of Newmont Corporation $NEM

Key Points

• Los Angeles Capital Management increased its Newmont stake by 2.7% in the fourth quarter, adding 91,969 shares and bringing its total to 3.48 million shares worth about $347.4 million.
• Newmont reported a strong quarter, with earnings of $2.90 per share and revenue of $7.31 billion, both ahead of analyst expectations. Revenue rose 45.8% year over year.
• Analyst sentiment remains mostly positive: several firms reiterated or raised ratings, and the stock currently has a Moderate Buy consensus with an average price target of $142.07. Newmont also announced a quarterly dividend of $0.26 per share, payable June 22.

Los Angeles Capital Management LLC increased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,479,436 shares of the basic materials company's stock after acquiring an additional 91,969 shares during the period. Newmont comprises about 1.2% of Los Angeles Capital Management LLC's holdings, making the stock its 13th largest holding. Los Angeles Capital Management LLC owned approximately 0.32% of Newmont worth $347,422,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Tradition Wealth Management LLC bought a new stake in shares of Newmont in the 4th quarter valued at about $232,000. Cookson Peirce & Co. Inc. bought a new stake in shares of Newmont in the 4th quarter valued at about $3,862,000. Nemes Rush Group LLC lifted its stake in shares of Newmont by 15.2% in the 4th quarter. Nemes Rush Group LLC now owns 6,937 shares of the basic materials company's stock valued at $693,000 after acquiring an additional 914 shares during the last quarter. MCF Advisors LLC lifted its stake in shares of Newmont by 7.1% in the 4th quarter. MCF Advisors LLC now owns 2,317 shares of the basic materials company's stock valued at $231,000 after acquiring an additional 154 shares during the last quarter. Finally, OneAscent Family Office LLC bought a new stake in shares of Newmont in the 4th quarter valued at about $220,000. Institutional investors own 68.85% of the company's stock.

Insiders Place Their Bets

In other news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares of the company's stock, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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, insider David James Fry sold 18,394 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the transaction, the insider directly owned 17,147 shares in the company, valued at $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 49,950 shares of company stock worth $5,494,288 in the last three months. Corporate insiders own 0.06% of the company's stock.

More Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group reduced their price target on Newmont from $125.10 to $122.50 and set a "buy" rating on the stock in a report on Thursday. BMO Capital Markets boosted their price target on Newmont from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, April 24th. TD Cowen restated a "buy" rating on shares of Newmont in a report on Monday, April 27th. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Finally, Stifel Nicolaus boosted their price target on Newmont from $120.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $142.07.

Newmont Stock Performance

Newmont stock opened at $99.77 on Friday. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $106.51 billion, a P/E ratio of 12.94, a PEG ratio of 1.65 and a beta of 0.42. The stock's 50 day moving average is $111.70 and its 200 day moving average is $109.55. Newmont Corporation has a twelve month low of $52.08 and a twelve month high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 EPS. On average, equities research analysts predict that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont's dividend payout ratio is 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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.