Marathon Asset Management Ltd Decreases Stake in Newmont Corporation $NEM

Key Points

• Marathon Asset Management cut its Newmont stake by 9% in the fourth quarter, selling 15,684 shares and leaving it with 159,017 shares valued at about $15.9 million.
• Insider selling continued, with executives David James Fry and Peter Toth both reducing their holdings; insiders sold 43,068 shares worth $4.77 million over the last 90 days.
• Newmont reported strong quarterly results, posting $2.90 EPS versus $2.07 expected and $7.31 billion in revenue, while also announcing a quarterly dividend of $0.26 per share.

Marathon Asset Management Ltd reduced its stake in Newmont Corporation (NYSE:NEM - Free Report) by 9.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 159,017 shares of the basic materials company's stock after selling 15,684 shares during the quarter. Marathon Asset Management Ltd's holdings in Newmont were worth $15,878,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Assetmark Inc. grew its stake in shares of Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after purchasing an additional 2,294,396 shares during the period. Boston Partners grew its stake in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after purchasing an additional 2,288,653 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock worth $349,288,000 after purchasing an additional 2,146,905 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after purchasing an additional 1,914,286 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Newmont by 171.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company's stock worth $143,068,000 after purchasing an additional 1,582,324 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares of the company's stock, valued at $1,911,033.15. The trade was a 51.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, May 1st. The stock was 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 in the company, valued at approximately $5,430,074.65. This trade 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 sold a total of 43,068 shares of company stock worth $4,769,475 over the last 90 days. 0.06% of the stock is owned by insiders.

Newmont Price Performance

Newmont stock opened at $104.94 on Wednesday. The company's fifty day moving average price is $111.60 and its 200 day moving average price is $107.63. Newmont Corporation has a 1 year low of $50.79 and a 1 year high of $134.88. The stock has a market capitalization of $112.03 billion, a P/E ratio of 13.61, a P/E/G ratio of 1.57 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 (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $6.83 billion. During the same quarter last 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. As a group, equities research analysts anticipate that Newmont Corporation will post 9.47 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a $0.26 dividend. 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 (DPR) is currently 13.49%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a research note on Monday, April 27th. BMO Capital Markets raised their price objective on shares of Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Royal Bank Of Canada raised their price objective on shares of Newmont from $120.00 to $125.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 3rd. Bank of America raised their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Finally, Macquarie Infrastructure raised their price objective on shares of Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $142.51.

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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