Newmont Corporation $NEM Stock Position Decreased by Maj Invest Holding A S

Key Points

• Maj Invest Holding A S reduced its Newmont stake by 57.7% in the fourth quarter, selling more than 1.09 million shares and leaving it with 800,450 shares worth about $79.9 million.
• Newmont reported strong quarterly results, with EPS of $2.90 beating estimates of $2.07 and revenue of $7.31 billion topping expectations. Revenue rose 45.8% year over year, and analysts now expect full-year EPS of 9.72.
• The company announced a quarterly dividend of $0.26 per share, payable June 22, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $142.51.

Maj Invest Holding A S cut its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 57.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 800,450 shares of the basic materials company's stock after selling 1,090,770 shares during the period. Newmont accounts for about 3.7% of Maj Invest Holding A S's investment portfolio, making the stock its 17th largest position. Maj Invest Holding A S owned approximately 0.07% of Newmont worth $79,925,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NEM. GoalVest Advisory LLC bought a new position in shares of Newmont in the 4th quarter valued at approximately $25,000. Physician Wealth Advisors Inc. raised its stake in shares of Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 236 shares in the last quarter. Cornerstone Planning Group LLC raised its stake in shares of Newmont by 312.1% in the 4th 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 in the last quarter. JPL Wealth Management LLC bought a new position in shares of Newmont in the 3rd quarter valued at approximately $27,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Newmont in the 4th quarter valued at approximately $28,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NYSE:NEM opened at $109.81 on Tuesday. Newmont Corporation has a 1-year low of $49.99 and a 1-year high of $134.88. The firm has a market capitalization of $117.23 billion, a PE ratio of 14.24, a PEG ratio of 1.52 and a beta of 0.43. The business's 50 day moving average is $111.83 and its 200-day moving average is $107.46. 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 announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $6.83 billion. During the same quarter last year, the firm earned $1.25 EPS. Newmont's revenue for the quarter was up 45.8% compared to the same quarter last year. Sell-side 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. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Insider Transactions at Newmont

In other news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Wexler sold 13,378 shares of the firm's stock in a transaction that occurred 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 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. 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. Insiders sold a total of 43,068 shares of company stock worth $4,769,475 over the last quarter. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

NEM has been the topic of a number of recent analyst reports. Bank of America raised their price objective on Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Scotiabank cut their price objective on Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a research note on Friday, March 20th. Wall Street Zen raised Newmont from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Royal Bank Of Canada raised their price objective on Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a research note on Tuesday, February 3rd. Finally, Macquarie Infrastructure raised their price objective on Newmont from $130.00 to $133.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $142.51.

Newmont Company 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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