Newmont Corporation $NEM Shares Sold by First Eagle Investment Management LLC

Key Points

• First Eagle Investment Management cut its Newmont stake by 12.3% in the fourth quarter, selling 1.92 million shares and leaving it with 13.7 million shares valued at about $1.37 billion.
• Several other institutional investors increased their positions, and institutions now own 68.85% of Newmont’s shares, showing continued strong professional ownership despite the sale.
• Newmont reported better-than-expected quarterly results with EPS of $2.90 versus estimates of $2.07, and the company also declared a quarterly dividend of $0.26 per share to be paid on June 22.

First Eagle Investment Management LLC reduced its position in Newmont Corporation (NYSE:NEM - Free Report) by 12.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,717,958 shares of the basic materials company's stock after selling 1,915,919 shares during the quarter. Newmont comprises approximately 2.4% of First Eagle Investment Management LLC's portfolio, making the stock its 13th biggest position. First Eagle Investment Management LLC owned approximately 1.26% of Newmont worth $1,369,738,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of NEM. Assetmark Inc. boosted its holdings in shares of Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock valued at $286,619,000 after acquiring an additional 2,294,396 shares during the period. Boston Partners lifted its holdings in shares of Newmont by 49.3% during the third 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. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Newmont by 106.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock worth $349,288,000 after purchasing an additional 2,146,905 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Newmont by 142.0% during the second quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after purchasing an additional 1,914,286 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Newmont by 171.6% during the second quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company's stock worth $143,068,000 after purchasing an additional 1,582,324 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Newmont news, insider David John Thornton sold 2,296 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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, EVP Peter Wexler sold 13,378 shares of the firm's stock in a transaction on 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 sale, the executive vice president directly owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 43,068 shares of company stock worth $4,769,475 in the last ninety days. 0.06% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a report on Monday, April 27th. TD Securities reaffirmed a "hold" rating and set a $129.00 price target on shares of Newmont in a report on Monday, April 27th. Citigroup increased their price target on Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. Raymond James Financial increased their price target on Newmont from $111.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, January 15th. Finally, Canaccord Genuity Group increased their price target on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $142.51.

Newmont Price Performance

Newmont stock opened at $120.54 on Tuesday. Newmont Corporation has a one year low of $48.27 and a one year high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The business has a fifty day moving average of $112.61 and a two-hundred day moving average of $106.35. The company has a market cap of $128.69 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 1.62 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter last year, the company earned $1.25 earnings per share. Newmont's quarterly revenue was up 45.8% compared to the same quarter last year. As a group, analysts predict that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm 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. 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 0.9%. Newmont's dividend payout ratio (DPR) is 13.49%.

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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