Wealthfront Advisers LLC Grows Stock Position in Newmont Corporation $NEM

Key Points

• Wealthfront Advisers LLC raised its Newmont stake by 18.3% in Q4 to 148,873 shares (about $14.87M), and hedge funds/institutional investors now own roughly 68.85% of the stock.
• Newmont beat quarterly expectations, reporting $2.90 EPS vs. $2.07 expected and $7.31B revenue (up 45.8% YoY), while analysts have largely raised targets and the consensus rating is a "Moderate Buy" with a $142.01 target.
• The company announced a quarterly dividend of $0.26 (annualized $1.04, ~0.9% yield) payable June 22 to holders of record May 27, and insiders sold 24,394 shares (~$2.7M) in the last quarter, leaving insiders with 0.06% ownership.

Wealthfront Advisers LLC lifted its stake in Newmont Corporation (NYSE:NEM - Free Report) by 18.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,873 shares of the basic materials company's stock after purchasing an additional 23,043 shares during the period. Wealthfront Advisers LLC's holdings in Newmont were worth $14,865,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NEM. GoalVest Advisory LLC purchased a new position in Newmont in the fourth quarter valued at $25,000. Physician Wealth Advisors Inc. boosted its holdings in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after purchasing an additional 236 shares during the period. JPL Wealth Management LLC purchased a new position in Newmont in the third quarter valued at $27,000. Lodestone Wealth Management LLC purchased a new position in Newmont in the fourth quarter valued at $28,000. Finally, Rosenberg Matthew Hamilton boosted its holdings in Newmont by 308.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 231 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Down 5.5%

Newmont stock opened at $109.71 on Wednesday. Newmont Corporation has a 1-year low of $48.27 and a 1-year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The stock has a market cap of $117.12 billion, a PE ratio of 14.23, a P/E/G ratio of 0.88 and a beta of 0.46. The stock's fifty day moving average is $114.20 and its two-hundred day moving average is $105.30.

Newmont (NYSE:NEM - Get Free Report) last posted 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. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. During the same period last year, the firm earned $1.25 earnings per share. Newmont's quarterly revenue was up 45.8% on a year-over-year basis. On average, sell-side analysts expect that Newmont Corporation will post 8.97 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced 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. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont's payout ratio is 13.49%.

Insider Transactions at Newmont

In other news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $113.09, for a total value of $339,270.00. Following the sale, the executive vice president owned 52,315 shares in the company, valued at $5,916,303.35. This trade represents a 5.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 24,394 shares of company stock worth $2,713,281 in the last quarter. Insiders own 0.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on NEM shares. BNP Paribas Exane lifted their target price on Newmont from $123.00 to $128.00 and gave the company a "neutral" rating in a report on Monday, March 2nd. The Goldman Sachs Group lifted their target price on Newmont from $123.20 to $125.10 and gave the company a "buy" rating in a report on Tuesday. TD Cowen reiterated a "buy" rating on shares of Newmont in a report on Monday. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Citigroup raised their price target on Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $142.01.

Newmont Company 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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