Newmont Corporation $NEM Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC trimmed its Newmont stake by 15.7% in the fourth quarter, selling 419,569 shares and leaving it with 2.25 million shares valued at about $224.7 million. Newmont remains Gabelli’s third-largest holding.
• Analysts remain generally positive on Newmont, with a consensus rating of “Moderate Buy” and an average price target of $142.51. Recent reports included multiple buy or outperform ratings, though one firm was neutral.
• Newmont posted strong quarterly results, reporting EPS of $2.90 versus expectations of $2.07 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 June 22.

Gabelli Funds LLC cut its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 15.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,249,968 shares of the basic materials company's stock after selling 419,569 shares during the quarter. Newmont accounts for approximately 1.5% of Gabelli Funds LLC's holdings, making the stock its 3rd biggest position. Gabelli Funds LLC owned approximately 0.21% of Newmont worth $224,659,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of NEM. GoalVest Advisory LLC acquired a new stake in shares of Newmont during the fourth quarter worth $25,000. Physician Wealth Advisors Inc. lifted its holdings in shares of Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock worth $26,000 after purchasing an additional 236 shares during the period. Cornerstone Planning Group LLC lifted its holdings in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after purchasing an additional 206 shares during the period. JPL Wealth Management LLC acquired a new stake in shares of Newmont during the third quarter worth $27,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Newmont during the fourth quarter worth $28,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the subject of several recent research reports. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a report on Monday, April 27th. Canadian Imperial Bank of Commerce decreased their price target on Newmont from $177.00 to $176.00 and set an "outperform" rating for the company in a report on Tuesday, April 21st. BMO Capital Markets increased their price target on Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. The Goldman Sachs Group increased their price target on Newmont from $123.20 to $125.10 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Finally, BNP Paribas Exane increased their price target on Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $142.51.

Newmont Price Performance

Newmont stock opened at $108.93 on Monday. Newmont Corporation has a one year low of $48.61 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 $111.96 and a two-hundred day moving average of $107.24. The company has a market cap of $116.29 billion, a P/E 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 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 1.0%. Newmont's dividend payout ratio (DPR) is 13.49%.

Insiders Place Their Bets

In other news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The stock was 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 of the company's stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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 Wexler sold 13,378 shares of Newmont stock in a transaction on Friday, May 1st. The stock was 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 of the company's stock, valued at $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.

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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