Massachusetts Financial Services Co. MA Makes New Investment in Newmont Corporation $NEM

Key Points

• Massachusetts Financial Services Co. MA bought a new position of 37,389 shares of Newmont during Q4, valued at about $3.73 million.
• Insiders sold 24,394 Newmont shares in the last quarter worth $2.71 million (insiders now own 0.06%), while institutional investors hold roughly 68.85% of the stock.
• Analysts and fundamentals: Newmont has a consensus "Moderate Buy" target of $133.38, reported a Q (quarter) EPS beat ($2.52 vs. $1.81) and revenue beat ($6.82B vs. $6.18B), and raised its quarterly dividend to $0.26 ($1.04 annual, ~0.9% yield).

Massachusetts Financial Services Co. MA purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 37,389 shares of the basic materials company's stock, valued at approximately $3,733,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new position in Newmont during the fourth quarter worth approximately $250,000. Premier Path Wealth Partners LLC increased its position in Newmont by 12.2% during the fourth quarter. Premier Path Wealth Partners LLC now owns 9,998 shares of the basic materials company's stock worth $998,000 after buying an additional 1,089 shares during the period. Apollon Wealth Management LLC increased its position in Newmont by 9.1% during the fourth quarter. Apollon Wealth Management LLC now owns 34,299 shares of the basic materials company's stock worth $3,425,000 after buying an additional 2,851 shares during the period. Accordant Advisory Group Inc increased its position in Newmont by 103.5% during the fourth quarter. Accordant Advisory Group Inc now owns 407 shares of the basic materials company's stock worth $41,000 after buying an additional 207 shares during the period. Finally, Nautilus Advisors LLC acquired a new position in Newmont during the fourth quarter worth approximately $234,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $113.09, for a total transaction of $339,270.00. Following the sale, the executive vice president directly owned 52,315 shares in the company, valued at approximately $5,916,303.35. The trade was a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David James Fry sold 18,394 shares of the business's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 24,394 shares of company stock worth $2,713,281. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NEM shares. Wall Street Zen lowered Newmont from a "buy" rating to a "hold" rating in a report on Saturday, April 4th. Bank of America boosted their target price on Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a report on Thursday, February 26th. BMO Capital Markets dropped their target price on Newmont from $145.00 to $140.00 and set an "outperform" rating on the stock in a report on Friday, February 20th. Weiss Ratings reissued a "buy (b-)" rating on shares of Newmont in a report on Monday, December 29th. Finally, The Goldman Sachs Group boosted their target price on Newmont from $122.30 to $123.20 and gave the company a "buy" rating in a report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $133.38.

Newmont Stock Up 2.7%

Newmont stock opened at $116.50 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. Newmont Corporation has a 1-year low of $48.27 and a 1-year high of $134.88. The company has a market cap of $125.81 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 0.87 and a beta of 0.46. The stock's 50 day moving average price is $115.51 and its 200 day moving average price is $103.72.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, topping analysts' consensus estimates of $1.81 by $0.71. The company had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.Newmont's quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.40 earnings per share. On average, sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 3rd. This is a positive change from Newmont's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont's dividend payout ratio (DPR) is presently 16.28%.

About Newmont

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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