Newmont Corporation $NEM Shares Bought by ARS Investment Partners LLC

Key Points

• ARS Investment Partners increased its Newmont stake by 3.6% in the fourth quarter, adding 23,900 shares to bring its total to 697,063 shares. The position was valued at about $69.6 million and was one of the fund’s largest holdings.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus estimates of $2.07 and revenue of $7.31 billion versus expectations of $6.83 billion. Revenue rose 45.8% year over year, and analysts expect full-year EPS of 9.72.
• The company also declared a quarterly dividend of $0.26 per share, payable June 22 to shareholders of record on May 27. Newmont’s annualized dividend is $1.04 per share, yielding about 1.0%.

ARS Investment Partners LLC raised its position in Newmont Corporation (NYSE:NEM - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 697,063 shares of the basic materials company's stock after acquiring an additional 23,900 shares during the period. Newmont makes up approximately 4.1% of ARS Investment Partners LLC's holdings, making the stock its 6th biggest holding. ARS Investment Partners LLC owned 0.06% of Newmont worth $69,602,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of NEM. Brighton Jones LLC boosted its stake in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,847 shares in the last quarter. Woodline Partners LP boosted its stake in Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock valued at $4,644,000 after acquiring an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Newmont in the second quarter valued at approximately $240,000. Cerity Partners LLC lifted its stake in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company's stock worth $7,303,000 after buying an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of Newmont by 8.5% during the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company's stock worth $2,854,000 after buying an additional 3,856 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Trading Down 6.4%

Shares of Newmont stock opened at $108.93 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. The firm has a fifty day moving average price of $111.96 and a 200 day moving average price of $107.04. Newmont Corporation has a 1 year low of $48.61 and a 1 year high of $134.88. The stock has a market cap of $116.29 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.52 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same quarter last year, the company posted $1.25 earnings per share. The firm's revenue was up 45.8% compared to the same quarter last year. Equities research analysts predict that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed 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. 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 payout ratio is presently 13.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. UBS Group lowered their price objective on shares of Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a research note on Friday, March 27th. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 3rd. BNP Paribas Exane lifted their price objective on shares of Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a research note on Monday, March 2nd. TD Securities reiterated a "hold" rating and set a $129.00 price objective on shares of Newmont in a research note on Monday, April 27th. Finally, Argus lifted their price objective on shares of Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. One equities 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 company. According to data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.51.

Insider Activity at Newmont

In related news, insider David John Thornton sold 2,296 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 transaction of $252,812.56. Following the completion of the transaction, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% decrease in their position. The transaction was disclosed in a document filed 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David James Fry sold 18,394 shares of the company's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the transaction, the insider owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 43,068 shares of company stock worth $4,769,475 in the last quarter. Company insiders own 0.06% of the company's stock.

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.

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.