Seaview Investment Managers LLC Makes New $7.94 Million Investment in Newmont Corporation $NEM

Key Points

• Seaview Investment Managers initiated a new position in Newmont during the fourth quarter, buying 79,505 shares valued at about $7.94 million. The stake makes up roughly 3.0% of Seaview’s portfolio.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus expectations of $2.07 and revenue of $7.31 billion, ahead of estimates. Revenue also rose 45.8% year over year.
• The company announced a quarterly dividend of $0.26 per share, payable June 22, with an annualized dividend of $1.04 and a yield of about 1.0%. Meanwhile, analysts currently rate the stock a “Moderate Buy” with an average price target of $142.05.

Seaview Investment Managers LLC bought a new position in Newmont Corporation (NYSE:NEM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 79,505 shares of the basic materials company's stock, valued at approximately $7,939,000. Newmont comprises about 3.0% of Seaview Investment Managers LLC's investment portfolio, making the stock its 23rd largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of NEM. GoalVest Advisory LLC purchased a new position in Newmont during the 4th quarter worth $25,000. Physician Wealth Advisors Inc. grew its stake in Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock worth $26,000 after buying an additional 236 shares during the last quarter. Cornerstone Planning Group LLC grew its stake in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after buying an additional 206 shares during the last quarter. JPL Wealth Management LLC purchased a new position in Newmont during the 3rd quarter worth $27,000. Finally, Lodestone Wealth Management LLC acquired a new stake in Newmont during the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In related news, insider David John Thornton sold 2,296 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 $252,812.56. Following the transaction, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 company's stock in a transaction dated 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 completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last 90 days, insiders have sold 43,068 shares of company stock worth $4,769,475. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on NEM shares. Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Sanford C. Bernstein raised Newmont from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $121.00 to $157.00 in a report on Friday, February 27th. Canaccord Genuity Group boosted their price objective on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Barclays started coverage on Newmont in a research note on Thursday. They set an "overweight" rating and a $133.00 price objective for the company. Finally, Macquarie Infrastructure upped their price target on Newmont from $130.00 to $133.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $142.05.

Newmont Stock Performance

Shares of NEM stock opened at $107.74 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a 1 year low of $51.80 and a 1 year high of $134.88. The stock's 50-day moving average is $110.90 and its two-hundred day moving average is $108.39. The firm has a market cap of $115.02 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.54 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating 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 last year, the firm earned $1.25 earnings per share. The firm's revenue was up 45.8% compared to the same quarter last year. Analysts predict that Newmont Corporation will post 9.47 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. 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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