Martingale Asset Management L P Has $32.33 Million Stock Holdings in Newmont Corporation $NEM

Key Points

• Martingale Asset Management reduced its Newmont stake by 17.7% in the fourth quarter, selling 69,409 shares and leaving it with 323,748 shares worth about $32.3 million.
• Newmont reported strong quarterly results, with EPS of $2.90 versus $2.07 expected and revenue of $7.31 billion, up 45.8% from a year earlier.
• The company declared a quarterly dividend of $0.26 per share, while analysts currently rate the stock a Moderate Buy with a consensus target price of $142.26.

Martingale Asset Management L P cut its stake in Newmont Corporation (NYSE:NEM - Free Report) by 17.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 323,748 shares of the basic materials company's stock after selling 69,409 shares during the quarter. Newmont makes up 0.8% of Martingale Asset Management L P's portfolio, making the stock its 22nd biggest holding. Martingale Asset Management L P's holdings in Newmont were worth $32,326,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. CWM LLC increased its position in Newmont by 64.6% during the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after buying an additional 79,617 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Newmont by 24.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock worth $30,775,000 after buying an additional 54,530 shares during the last quarter. AustralianSuper Pty Ltd increased its position in Newmont by 124.8% during the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock worth $27,843,000 after buying an additional 183,360 shares during the last quarter. Waverton Investment Management Ltd increased its position in Newmont by 3.4% during the third quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company's stock worth $59,365,000 after buying an additional 23,139 shares during the last quarter. Finally, Leonteq Securities AG acquired a new position in Newmont during the fourth quarter worth $9,018,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Up 2.6%

NEM stock opened at $100.10 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 52-week low of $55.37 and a 52-week high of $134.88. The company has a 50-day moving average of $110.94 and a two-hundred day moving average of $109.98. The stock has a market capitalization of $106.86 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42.

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 company had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same period in the prior year, the company earned $1.25 earnings per share. The business's quarterly revenue was up 45.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio is 13.49%.

Insider Activity at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the sale, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David James Fry sold 18,394 shares of the company's stock in a transaction dated 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. This trade represents a 51.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Weiss Ratings downgraded shares of Newmont from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 27th. Macquarie Infrastructure increased their target price on shares of Newmont from $130.00 to $133.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. BNP Paribas Exane increased their target price on shares of Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Sanford C. Bernstein raised shares of Newmont from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. Finally, Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 3rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.26.

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.

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.