Panagora Asset Management Inc. Lowers Position in Newmont Corporation $NEM

Key Points

• Panagora Asset Management cut its Newmont stake by 12.1% in the fourth quarter, selling 220,776 shares and leaving it with 1,605,220 shares worth about $160.3 million.
• Newmont reported a strong quarter, with EPS of $2.90 and revenue of $7.31 billion, both beating analyst expectations. Revenue also rose 45.8% year over year.
• The company declared 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 target price of $142.26.

Panagora Asset Management Inc. trimmed its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 12.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,605,220 shares of the basic materials company's stock after selling 220,776 shares during the quarter. Panagora Asset Management Inc. owned 0.15% of Newmont worth $160,281,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Apella Capital LLC increased its position in Newmont by 4.1% during the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company's stock worth $219,000 after purchasing an additional 86 shares during the period. New Wave Wealth Advisors LLC lifted its holdings in shares of 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 stake in shares of Newmont by 3.7% in the fourth 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 in the last quarter. Norden Group LLC grew its holdings in Newmont by 0.7% during the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company's stock worth $1,235,000 after acquiring an additional 90 shares during the period. Finally, Parkside Financial Bank & Trust raised its position in Newmont by 1.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company's stock worth $714,000 after acquiring an additional 96 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on NEM. The Goldman Sachs Group reduced their target price on Newmont from $125.10 to $122.50 and set a "buy" rating for the company in a report on Thursday, June 4th. Jefferies Financial Group increased their price target on shares of Newmont from $154.00 to $158.00 and gave the company a "buy" rating in a report on Monday, June 8th. Bank of America raised their price objective on shares of Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Sanford C. Bernstein raised shares of Newmont from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $121.00 to $157.00 in a report on Friday, February 27th. Finally, National Bank Financial upped their target price 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. Two equities research 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, Newmont has a consensus rating of "Moderate Buy" and an average target price of $142.26.

Newmont Trading Down 0.1%

Shares of NEM opened at $100.10 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 1-year low of $55.37 and a 1-year high of $134.88. The stock has a market cap of $106.86 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42. The firm has a 50 day simple moving average of $110.94 and a 200-day simple moving average of $110.14.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.Newmont's revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. Equities analysts forecast that Newmont Corporation will post 9.91 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 paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Insider Buying and Selling

In related news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated 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 sale, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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, CEO Natascha Viljoen sold 3,882 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer owned 142,999 shares of the company's stock, valued at $15,060,654.68. This trade represents a 2.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 31,556 shares of company stock worth $3,444,276 in the last ninety days. 0.06% of the stock is currently owned by insiders.

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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