Newmont Corporation $NEM Shares Acquired by NFJ Investment Group LLC

Key Points

• NFJ Investment Group LLC boosted its stake in Newmont by 175.6% in the fourth quarter, adding 84,147 shares to reach 132,079 shares valued at about $13.2 million.
• Several other large institutional investors also increased exposure to Newmont, and the stock is now reported to be 68.85% owned by institutions and hedge funds.
• Wall Street remains broadly positive on Newmont, with a consensus rating of “Moderate Buy” and an average price target of $142.26, while the company recently beat earnings expectations and declared a quarterly dividend of $0.26 per share.

NFJ Investment Group LLC lifted its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 175.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 132,079 shares of the basic materials company's stock after purchasing an additional 84,147 shares during the quarter. NFJ Investment Group LLC's holdings in Newmont were worth $13,188,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in NEM. Norges Bank acquired a new position in shares of Newmont during the 4th quarter worth $1,443,128,000. Van ECK Associates Corp grew its stake in shares of Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock worth $2,973,539,000 after purchasing an additional 5,643,496 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Newmont by 110.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company's stock worth $873,011,000 after purchasing an additional 4,588,018 shares during the period. 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. Finally, 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. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NEM has been the topic of a number of recent analyst reports. UBS Group lowered their price target on shares of Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Canadian Imperial Bank of Commerce set a $175.00 price target on shares of Newmont and gave the stock an "outperform" rating in a research note on Monday, June 1st. Jefferies Financial Group increased their price objective on shares of Newmont from $154.00 to $158.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Citigroup increased their price objective on shares of Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. Finally, Argus increased their price objective on shares of Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $142.26.

Newmont Price Performance

NYSE:NEM opened at $100.10 on Friday. The firm has a market cap of $106.86 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company's 50-day moving average is $110.94 and its two-hundred day moving average is $109.98. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last released its 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. The company had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm's quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 EPS. Research analysts expect that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. 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 Buying and Selling

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the company's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 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 $315,960.00. Following the completion of the transaction, the executive vice president owned 46,315 shares in the company, valued at approximately $4,877,895.80. This trade represents a 6.08% 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. Insiders sold 49,950 shares of company stock worth $5,494,288 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

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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