Westpac Banking Corp Has $7.96 Million Position in Newmont Corporation $NEM

Key Points

• Westpac Banking Corp more than doubled its stake in Newmont during the fourth quarter, ending with 79,665 shares worth about $7.96 million.
• Newmont reported strong quarterly results, with earnings of $2.90 per share and revenue of $7.31 billion, both above Wall Street estimates. Revenue also jumped 45.8% from a year earlier.
• The company declared a quarterly dividend of $0.26 per share, while analysts remain generally positive with a Moderate Buy consensus and an average target price of $141.48.

Westpac Banking Corp lifted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 105.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,665 shares of the basic materials company's stock after purchasing an additional 40,852 shares during the quarter. Westpac Banking Corp's holdings in Newmont were worth $7,955,000 at the end of the most recent quarter.

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

Newmont Stock Up 1.2%

NEM stock opened at $109.45 on Wednesday. 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 business has a 50 day moving average price of $111.08 and a two-hundred day moving average price of $109.23. The company has a market cap of $116.84 billion, a price-to-earnings ratio of 14.20 and a beta of 0.42. Newmont Corporation has a twelve month low of $52.08 and a twelve month high of $134.88.

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. The firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business's revenue was up 45.8% compared to the same quarter last year. During the same period last year, the company earned $1.25 earnings per share. Analysts anticipate that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm'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 value of $330,330.00. Following the completion of the transaction, the executive vice president directly owned 49,315 shares in the company, valued at $5,430,074.65. This trade represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. This represents a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 43,068 shares of company stock valued at $4,769,475 in the last ninety days. 0.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NEM. Argus lifted their target price on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 3rd. National Bank Financial lifted their target price on Newmont from $130.00 to $140.00 and gave the company a "sector perform" rating in a research report on Friday, April 24th. UBS Group dropped their target price on Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a research report on Friday, March 27th. Finally, 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 research report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus target price of $141.48.

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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