Newmont Corporation $NEM Shares Sold by Minneapolis Portfolio Management Group LLC

Key Points

• Minneapolis Portfolio Management Group cut its Newmont stake by 27.2% in the fourth quarter, selling 130,422 shares and leaving it with 349,692 shares worth about $34.9 million. Newmont remains one of the firm’s top holdings, representing 4.0% of its portfolio.
• Newmont’s latest earnings beat expectations, with quarterly EPS of $2.90 versus the $2.07 consensus and revenue of $7.31 billion versus $6.83 billion expected. Revenue rose 45.8% year over year, and analysts now see full-year EPS of 9.72.
• The company also announced a quarterly dividend of $0.26 per share, payable June 22, implying an annualized dividend of $1.04 and a 1.0% yield. Meanwhile, analysts remain mostly positive, with MarketBeat showing a consensus rating of Moderate Buy and a target price of $141.48.

Minneapolis Portfolio Management Group LLC lowered its stake in Newmont Corporation (NYSE:NEM - Free Report) by 27.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 349,692 shares of the basic materials company's stock after selling 130,422 shares during the period. Newmont accounts for 4.0% of Minneapolis Portfolio Management Group LLC's portfolio, making the stock its 6th largest position. Minneapolis Portfolio Management Group LLC's holdings in Newmont were worth $34,917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GoalVest Advisory LLC bought a new position in Newmont in the fourth quarter valued at approximately $25,000. Cornerstone Planning Group LLC boosted its stake in 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 acquiring an additional 206 shares during the last quarter. Lodestone Wealth Management LLC bought a new position in Newmont in the fourth quarter valued at approximately $28,000. Laurel Wealth Advisors LLC bought a new position in Newmont in the fourth quarter valued at approximately $30,000. Finally, Rosenberg Matthew Hamilton boosted its stake in Newmont by 308.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company's stock valued at $31,000 after acquiring an additional 231 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Trading Down 1.3%

NEM opened at $108.35 on Tuesday. The stock has a market capitalization of $115.67 billion, a P/E ratio of 14.05 and a beta of 0.43. Newmont Corporation has a 12 month low of $52.08 and a 12 month high of $134.88. The firm's fifty day simple moving average is $111.08 and its 200 day simple moving average is $109.23. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion for 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 was up 45.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 EPS. As a group, research analysts anticipate that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Announces Dividend

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

Insider Activity at Newmont

In related news, insider David James Fry sold 18,394 shares of the business's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the sale, the insider directly owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Wexler sold 13,378 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 sold 43,068 shares of company stock valued at $4,769,475. 0.06% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of recent research reports. UBS Group reduced their price objective 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. Barclays initiated coverage on shares of Newmont in a research note on Thursday, May 21st. They issued an "overweight" rating and a $133.00 price objective on the stock. Royal Bank Of Canada raised their price objective on shares of Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a research note on Tuesday, February 3rd. Argus raised 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. Finally, Scotiabank reduced their price target on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a research report on Friday, March 20th. Two equities research analysts have 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 MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.48.

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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