Profund Advisors LLC Reduces Stock Position in Newmont Corporation $NEM

Key Points

• Profund Advisors LLC cut its Newmont stake by 15.8% in the fourth quarter, selling 24,206 shares and leaving it with 129,084 shares valued at about $12.9 million.
• Analysts remain mostly bullish on Newmont, with a consensus rating of “Moderate Buy” and an average price target of $142.51 after several firms raised or trimmed their targets.
• Newmont posted strong quarterly results, reporting EPS of $2.90 versus $2.07 expected and revenue of $7.31 billion, while also announcing a quarterly dividend of $0.26 per share.

Profund Advisors LLC lessened its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 15.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,084 shares of the basic materials company's stock after selling 24,206 shares during the quarter. Profund Advisors LLC's holdings in Newmont were worth $12,889,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. GoalVest Advisory LLC acquired a new position in shares of Newmont in the 4th quarter valued at about $25,000. Cornerstone Planning Group LLC lifted 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 purchasing an additional 206 shares in the last quarter. Lodestone Wealth Management LLC acquired a new position in shares of Newmont in the 4th quarter valued at about $28,000. Laurel Wealth Advisors LLC acquired a new position in shares of Newmont in the 4th quarter valued at about $30,000. Finally, Rosenberg Matthew Hamilton raised its holdings in shares of Newmont by 308.0% during the 4th quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company's stock valued at $31,000 after buying an additional 231 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NEM. Sanford C. Bernstein upgraded Newmont from a "market perform" rating to an "outperform" rating and raised their target price for the company from $121.00 to $157.00 in a report on Friday, February 27th. Canaccord Genuity Group raised their target price on Newmont from $150.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Canadian Imperial Bank of Commerce dropped their target price on Newmont from $177.00 to $176.00 and set an "outperform" rating on the stock in a report on Tuesday, April 21st. UBS Group dropped their target price on Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a report on Friday, March 27th. Finally, National Bank Financial raised their target price on Newmont from $130.00 to $140.00 and gave the company a "sector perform" rating in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $142.51.

Insider Buying and Selling at Newmont

In other Newmont news, insider David John Thornton sold 2,296 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 $252,812.56. Following the completion of the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 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 sale, the executive vice president owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 have sold 43,068 shares of company stock worth $4,769,475 in the last ninety days. 0.06% of the stock is currently owned by company insiders.

Newmont Stock Up 0.7%

Shares of Newmont stock opened at $109.81 on Tuesday. The business has a 50-day moving average price of $111.83 and a 200 day moving average price of $107.46. Newmont Corporation has a fifty-two week low of $49.99 and a fifty-two week high of $134.88. The firm has a market cap of $117.23 billion, a P/E ratio of 14.24, a P/E/G ratio of 1.52 and a beta of 0.43. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business's quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. On average, sell-side analysts forecast 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 paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont's payout ratio is presently 13.49%.

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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