Victory Capital Management Inc. Acquires 821,470 Shares of Newmont Corporation $NEM

Key Points

• Victory Capital Management boosted its Newmont stake by 16.7% in the fourth quarter, buying 821,470 additional shares and bringing its total holdings to 5,746,707 shares worth about $573.8 million.
• Wall Street sentiment remains mostly positive on Newmont, with an overall “Moderate Buy” rating and a consensus price target of $142.26, despite some mixed analyst moves and target cuts.
• Newmont reported strong quarterly results, beating earnings and revenue estimates, and recently declared a quarterly dividend of $0.26 per share, implying a 1.0% annualized yield.

Victory Capital Management Inc. increased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 16.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,746,707 shares of the basic materials company's stock after acquiring an additional 821,470 shares during the period. Victory Capital Management Inc. owned about 0.53% of Newmont worth $573,809,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. GoalVest Advisory LLC bought a new position in Newmont during the fourth quarter valued at $25,000. Swiss RE Ltd. purchased a new position in shares of Newmont during the 4th quarter valued at $26,000. Cornerstone Planning Group LLC increased its holdings in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after acquiring an additional 206 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in Newmont in the 3rd quarter worth about $27,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Newmont in the 4th quarter worth about $28,000. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NEM shares. UBS Group decreased their price objective on Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a report on Friday, March 27th. Argus lifted their price objective on Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Barclays started coverage on Newmont in a report on Thursday, May 21st. They issued an "overweight" rating and a $133.00 price objective for the company. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Finally, Canadian Imperial Bank of Commerce set a $175.00 price objective on Newmont and gave the stock an "outperform" rating in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $142.26.

Insider Buying and Selling

In other news, insider David James Fry sold 18,394 shares of Newmont 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 transaction, the insider directly owned 17,147 shares in the company, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Wexler sold 13,378 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 value of $1,473,051.58. Following the sale, the executive vice president directly owned 67,865 shares of the company's stock, valued at $7,472,615.15. This represents 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 sold 49,950 shares of company stock valued at $5,494,288 in the last 90 days. Corporate insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of NYSE NEM opened at $100.10 on Friday. The stock has a market cap of $106.86 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The stock has a fifty day moving average of $110.94 and a 200-day moving average of $109.98.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm's quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.25 earnings per share. Equities research analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a $0.26 dividend. 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 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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