LSV Asset Management Sells 61,088 Shares of Newmont Corporation $NEM

Key Points

• LSV Asset Management reduced its Newmont stake by 1.5% in the fourth quarter, selling 61,088 shares and leaving it with 3,996,851 shares worth about $399.1 million.
• Newmont reported strong quarterly results, with EPS of $2.90 versus the $2.07 consensus and revenue of $7.31 billion, up 45.8% year over year.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $142.05, while Newmont also announced a quarterly dividend of $0.26 per share.

LSV Asset Management cut its stake in Newmont Corporation (NYSE:NEM - Free Report) by 1.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,996,851 shares of the basic materials company's stock after selling 61,088 shares during the period. Newmont comprises about 0.9% of LSV Asset Management's investment portfolio, making the stock its 21st largest position. LSV Asset Management owned 0.37% of Newmont worth $399,086,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

Several brokerages have issued reports on NEM. Argus increased their target price on shares of Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. TD increased their target price on shares of Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Royal Bank Of Canada increased their target price on shares of Newmont from $120.00 to $125.00 and gave the stock an "outperform" rating in a report on Tuesday, February 3rd. Finally, Stifel Nicolaus increased their target price on shares of Newmont from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, February 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus price target of $142.05.

Newmont Stock Down 0.5%

Shares of Newmont stock opened at $107.74 on Friday. Newmont Corporation has a 1 year low of $51.80 and a 1 year high of $134.88. The stock has a market cap of $115.02 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.55 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. The firm's 50-day moving average is $111.03 and its two-hundred day moving average is $108.00.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the previous year, the firm earned $1.25 EPS. The company's quarterly revenue was up 45.8% compared to the same quarter last year. As a group, research analysts expect that Newmont Corporation will post 9.47 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced 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 of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. Newmont's dividend payout ratio is presently 13.49%.

Insider Activity

In related news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction that occurred 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 completion of the sale, 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 legal filing with the SEC, which is available at 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, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred 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 directly owned 49,315 shares of the company's stock, valued at $5,430,074.65. The trade was 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. Over the last three months, insiders sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is currently owned by insiders.

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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