Moors & Cabot Inc. Lowers Stock Holdings in Newmont Corporation $NEM

Key Points

• Moors & Cabot Inc. cut its Newmont stake by 17.6% in the fourth quarter, selling 9,574 shares and leaving it with 44,921 shares valued at about $4.49 million.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus $2.07 expected and revenue of $7.31 billion versus $6.83 billion estimated, with revenue up 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $141.53.

Moors & Cabot Inc. lowered its position in Newmont Corporation (NYSE:NEM - Free Report) by 17.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,921 shares of the basic materials company's stock after selling 9,574 shares during the quarter. Moors & Cabot Inc.'s holdings in Newmont were worth $4,485,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Apella Capital LLC increased its holdings in shares of Newmont by 4.1% in the fourth quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock worth $219,000 after purchasing an additional 86 shares during the period. New Wave Wealth Advisors LLC increased its holdings in shares of Newmont by 1.3% in the fourth quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company's stock worth $684,000 after purchasing an additional 88 shares during the period. Novem Group increased its holdings in shares of Newmont by 3.7% in the fourth quarter. Novem Group now owns 2,487 shares of the basic materials company's stock worth $248,000 after purchasing an additional 88 shares during the period. Norden Group LLC increased its holdings in shares of Newmont by 0.7% in the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company's stock worth $1,235,000 after purchasing an additional 90 shares during the period. Finally, Coston McIsaac & Partners increased its holdings in shares of Newmont by 28.6% in the fourth quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock worth $44,000 after purchasing an additional 100 shares during the period. Institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

NYSE NEM opened at $108.32 on Friday. The company has a 50-day simple moving average of $110.82 and a two-hundred day simple moving average of $108.95. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12-month low of $51.80 and a 12-month high of $134.88. The firm has a market cap of $115.64 billion, a price-to-earnings ratio of 14.05 and a beta of 0.43.

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 (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same period in the prior year, the business posted $1.25 earnings per share. The company's revenue was up 45.8% on a year-over-year basis. On average, equities analysts forecast that Newmont Corporation will post 9.72 EPS for the current year.

Newmont Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Bank of America upped their price target on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Barclays initiated coverage on shares of Newmont in a report on Thursday, May 21st. They issued an "overweight" rating and a $133.00 price target on the stock. Sanford C. Bernstein upgraded shares of Newmont from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 3rd. Finally, TD Cowen reiterated a "buy" rating on shares of Newmont in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $141.53.

Insider Buying and Selling at Newmont

In other news, insider David John Thornton sold 2,296 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the sale, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 dated 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 owned 49,315 shares of the company's stock, valued at approximately $5,430,074.65. This represents a 5.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 43,068 shares of company stock valued at $4,769,475. Corporate insiders own 0.06% of the company's stock.

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.

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