Rockefeller Capital Management L.P. Increases Stock Position in Newmont Corporation $NEM

Key Points

• Rockefeller Capital Management increased its Newmont stake by 5.4% in the fourth quarter, holding 431,746 shares valued at about $43.1 million after adding 22,133 shares.
• Newmont benefited from a key regulatory approval in British Columbia for its Red Chris Block Cave project, which supports a shift from open-pit mining, extends mine life into the mid-2040s, and could help the company move toward a final investment decision later this year.
• The company reported better-than-expected earnings for the latest quarter, with EPS of $2.90 versus $2.07 expected and revenue up 45.8% year over year, while also announcing a quarterly dividend of $0.26 per share.

Rockefeller Capital Management L.P. raised its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 431,746 shares of the basic materials company's stock after acquiring an additional 22,133 shares during the period. Rockefeller Capital Management L.P.'s holdings in Newmont were worth $43,110,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CWM LLC lifted its holdings in Newmont by 64.6% during the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after buying an additional 79,617 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Newmont by 24.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock worth $30,775,000 after acquiring an additional 54,530 shares in the last quarter. AustralianSuper Pty Ltd grew its stake in shares of Newmont by 124.8% in the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock worth $27,843,000 after acquiring an additional 183,360 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Newmont during the fourth quarter worth $9,018,000. Finally, Waverton Investment Management Ltd increased its position in shares of Newmont by 3.4% during the third quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company's stock worth $59,365,000 after acquiring an additional 23,139 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont News Roundup

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont received major regulatory approvals from British Columbia for its Red Chris Block Cave project, a key milestone that supports a transition from open-pit mining to block caving and extends the mine life into the mid-2040s. The approval improves visibility on future production and could support the stock by advancing Newmont toward a final investment decision later this year. Article Title
• Positive Sentiment: Newmont continues to be viewed as a core name in gold mining, and broader strength in gold/mining shares may be helping sentiment around the stock. This can provide support even when company-specific news is limited. Article Title
• Neutral Sentiment: BNP Paribas Exane lowered its price target on Newmont to $111 from $128 while keeping a neutral rating. That is still above the current share price, but the cut may temper near-term enthusiasm. Article Title
• Negative Sentiment: Reports say Newmont’s Cadia mine was halted after an earthquake, raising concerns about temporary production disruption. Any prolonged shutdown could weigh on output and sentiment until Newmont clarifies the impact. Article Title

Analyst Ratings Changes

A number of research analysts recently issued reports on NEM shares. Scotiabank decreased their target price on Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a report on Friday, March 20th. TD Securities restated a "hold" rating and set a $129.00 price target on shares of Newmont in a report on Monday, April 27th. Canadian Imperial Bank of Commerce set a $175.00 price target on Newmont and gave the company an "outperform" rating in a research report on Monday, June 1st. Jefferies Financial Group lifted their price objective on Newmont from $154.00 to $158.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Finally, Sanford C. Bernstein upgraded Newmont from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $121.00 to $157.00 in a research note on Friday, February 27th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $140.98.

Insiders Place Their Bets

In related news, EVP Peter Wexler sold 13,378 shares of the business'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 transaction of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David John Thornton sold 2,296 shares of the stock in a transaction that occurred 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 transaction, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 28,556 shares of company stock worth $3,120,276. Insiders own 0.06% of the company's stock.

Newmont Price Performance

Newmont stock opened at $103.86 on Friday. The stock has a market cap of $110.88 billion, a P/E ratio of 13.47, a price-to-earnings-growth ratio of 1.72 and a beta of 0.42. The company has a fifty day simple moving average of $110.02 and a 200-day simple moving average of $110.56. Newmont Corporation has a 12-month low of $55.37 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 issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company's revenue was up 45.8% compared to the same quarter last year. Equities analysts expect that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Announces Dividend

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