SmartHarvest Portfolios LLC Buys New Holdings in Newmont Corporation $NEM

Key Points

• SmartHarvest Portfolios LLC opened a new position in Newmont during the fourth quarter, buying 11,753 shares valued at about $1.17 million.
• Several other major institutional investors also increased their Newmont holdings, and institutional ownership stands at 68.85% of the company.
• Newmont reported strong quarterly results, with EPS of $2.90 and revenue of $7.31 billion, both ahead of analyst expectations; the company also announced a quarterly dividend of $0.26 per share.

SmartHarvest Portfolios LLC acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 11,753 shares of the basic materials company's stock, valued at approximately $1,174,000.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Newmont by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock worth $13,390,613,000 after acquiring an additional 637,996 shares during the last quarter. Geode Capital Management LLC increased its stake in Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock worth $2,738,756,000 after acquiring an additional 946,824 shares during the last quarter. Norges Bank bought a new stake in Newmont in the 4th quarter worth approximately $1,443,128,000. Bank of New York Mellon Corp increased its stake in Newmont by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 11,622,479 shares of the basic materials company's stock worth $1,160,505,000 after acquiring an additional 725,012 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Newmont by 9.6% in the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company's stock worth $687,223,000 after acquiring an additional 711,940 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

Insiders Place Their Bets

In other Newmont news, insider David James Fry sold 18,394 shares of the company's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares in the company, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares of the company's stock, valued at $4,877,895.80. This represents a 6.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 49,950 shares of company stock worth $5,494,288. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NEM. Bank of America lifted their price objective on Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. National Bank Financial lifted their price objective on Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a research note on Friday, April 24th. TD Securities reaffirmed a "hold" rating and issued a $129.00 price objective on shares of Newmont in a research note on Monday, April 27th. Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Finally, Barclays began coverage on Newmont in a report on Thursday, May 21st. They issued an "overweight" rating and a $133.00 target price for the company. Two equities research 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's stock. According to data from MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and an average price target of $142.26.

Newmont Price Performance

NEM opened at $97.52 on Friday. The business has a fifty day moving average of $111.21 and a 200 day moving average of $110.05. Newmont Corporation has a 52-week low of $54.14 and a 52-week high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The stock has a market cap of $104.11 billion, a P/E ratio of 12.65, a PEG ratio of 1.54 and a beta of 0.42.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data 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. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same quarter in the previous year, the business earned $1.25 EPS. Newmont's revenue was up 45.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio is currently 13.49%.

Newmont 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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