Norges Bank Purchases Shares of 14,452,956 Newmont Corporation $NEM

Key Points

• Norges Bank disclosed a new stake in Newmont, buying 14.45 million shares in the fourth quarter worth about $1.44 billion, giving it a 1.32% ownership position.
• Newmont reported strong quarterly results, with EPS of $2.90 beating estimates and revenue of $7.31 billion topping forecasts, while revenue rose 45.8% year over year.
• The company also declared a quarterly dividend of $0.26 per share, and analysts remain broadly positive with an average rating of “Moderate Buy” and a target price of $141.53.

Norges Bank purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 14,452,956 shares of the basic materials company's stock, valued at approximately $1,443,128,000. Norges Bank owned 1.32% of Newmont as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Apella Capital LLC boosted its position in Newmont by 4.1% in the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock valued at $219,000 after buying an additional 86 shares during the period. New Wave Wealth Advisors LLC boosted its position in Newmont by 1.3% in the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company's stock valued at $684,000 after buying an additional 88 shares during the period. Novem Group boosted its position in Newmont by 3.7% in the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company's stock valued at $248,000 after buying an additional 88 shares during the period. Norden Group LLC boosted its position in Newmont by 0.7% in the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company's stock valued at $1,235,000 after buying an additional 90 shares during the period. Finally, Coston McIsaac & Partners boosted its position in Newmont by 28.6% in the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock valued at $44,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $330,330.00. Following the sale, the executive vice president directly owned 49,315 shares in the company, valued at $5,430,074.65. This trade represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David James Fry sold 18,394 shares of Newmont stock in a transaction 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 in the company, valued at $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 43,068 shares of company stock valued at $4,769,475 over the last quarter. 0.06% of the stock is owned by insiders.

Newmont Price Performance

Newmont stock opened at $109.60 on Friday. The stock has a market cap of $117.01 billion, a P/E ratio of 14.22 and a beta of 0.43. The company has a fifty day simple moving average of $110.89 and a 200-day simple moving average of $108.96. 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.

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

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NEM. Sanford C. Bernstein raised shares of Newmont from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. National Bank Financial lifted their price objective on shares of Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a research report on Friday, April 24th. Stifel Nicolaus lifted their price objective on shares of Newmont from $120.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, February 10th. Bank of America lifted their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Finally, Barclays began coverage on shares of Newmont in a research report on Thursday, May 21st. They set an "overweight" rating and a $133.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.53.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.