Newmont Corporation $NEM Shares Sold by Cullen Frost Bankers Inc.

Key Points

• Cullen Frost Bankers reduced its Newmont stake by 17.2% in the fourth quarter, selling 26,900 shares and ending with 129,539 shares worth about $12.9 million.
• Newmont reported better-than-expected quarterly results, with EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, up 45.8% year over year.
• The company also announced a quarterly dividend of $0.26 per share, payable on June 22, while analysts currently rate the stock a Moderate Buy with an average price target of $142.51.

Cullen Frost Bankers Inc. cut its position in Newmont Corporation (NYSE:NEM - Free Report) by 17.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,539 shares of the basic materials company's stock after selling 26,900 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Newmont were worth $12,934,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of NEM. GoalVest Advisory LLC acquired a new stake in shares of Newmont during the fourth quarter worth about $25,000. Physician Wealth Advisors Inc. grew its holdings in shares of Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 206 shares in the last quarter. JPL Wealth Management LLC purchased a new position in Newmont in the 3rd quarter valued at approximately $27,000. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Newmont during the fourth quarter worth $28,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NEM shares. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 3rd. Sanford C. Bernstein upgraded shares of Newmont from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $121.00 to $157.00 in a research note on Friday, February 27th. BMO Capital Markets increased their target price on Newmont from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, April 24th. BNP Paribas Exane increased their price objective on Newmont from $123.00 to $128.00 and gave the company a "neutral" rating in a report on Monday, March 2nd. Finally, Argus raised their target price on Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and an average price target of $142.51.

Newmont Trading Up 2.2%

NYSE:NEM opened at $107.36 on Thursday. Newmont Corporation has a 12-month low of $51.80 and a 12-month high of $134.88. 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 stock's 50 day simple moving average is $111.41 and its 200-day simple moving average is $107.81. The firm has a market cap of $114.61 billion, a P/E ratio of 13.92, a PEG ratio of 1.50 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, topping the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 earnings per share. Equities analysts anticipate that Newmont Corporation will post 9.47 EPS for the current year.

Newmont Announces Dividend

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

Insider Buying and Selling at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the business'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 completion of the transaction, the executive vice president owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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, insider David John Thornton sold 2,296 shares of the business's stock in a transaction that occurred on 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 directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders have sold 43,068 shares of company stock valued at $4,769,475. 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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