Williamson Legacy Group LLC Makes New Investment in Newmont Corporation $NEM

Key Points

• Williamson Legacy Group LLC initiated a new position in Newmont, buying 27,966 shares valued at about $2.79 million. The stake now represents 2.2% of its portfolio and is its sixth-largest holding.
• Newmont reported strong quarterly results, posting earnings of $2.90 per share versus the $2.07 estimate and revenue of $7.31 billion, up 45.8% year over year. Analysts currently expect full-year EPS of 9.47.
• The company also declared a quarterly dividend of $0.26 per share, payable June 22, for an annualized yield of 0.9%. Meanwhile, several insiders have sold shares recently, and analysts maintain a consensus Moderate Buy rating with a target price of $142.05.

Williamson Legacy Group LLC purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 27,966 shares of the basic materials company's stock, valued at approximately $2,792,000. Newmont makes up 2.2% of Williamson Legacy Group LLC's investment portfolio, making the stock its 6th biggest holding.

Several other hedge funds also recently made changes to their positions in the stock. Syverson Strege & Co purchased a new position in shares of Newmont in the fourth quarter valued at $244,000. Flputnam Investment Management Co. grew its position in shares of Newmont by 3.2% in the fourth quarter. Flputnam Investment Management Co. now owns 7,669 shares of the basic materials company's stock valued at $766,000 after purchasing an additional 237 shares in the last quarter. Integrity Alliance LLC. grew its position in shares of Newmont by 13.2% in the fourth quarter. Integrity Alliance LLC. now owns 12,696 shares of the basic materials company's stock valued at $1,268,000 after purchasing an additional 1,479 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of Newmont by 6.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,832 shares of the basic materials company's stock valued at $183,000 after purchasing an additional 107 shares in the last quarter. Finally, Smithfield Trust Co grew its position in shares of Newmont by 7.7% in the fourth quarter. Smithfield Trust Co now owns 7,321 shares of the basic materials company's stock valued at $731,000 after purchasing an additional 523 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

NYSE:NEM opened at $111.49 on Wednesday. The firm has a market capitalization of $119.02 billion, a price-to-earnings ratio of 14.46 and a beta of 0.43. Newmont Corporation has a 52-week low of $51.80 and a 52-week high of $134.88. The stock has a fifty day moving average of $110.94 and a 200 day moving average of $108.60. 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 (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 the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the company earned $1.25 earnings per share. On average, research analysts expect that Newmont Corporation will post 9.47 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Insiders Place Their Bets

In related 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 transaction of $2,050,011.30. Following the completion of the sale, the insider owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 a total of 43,068 shares of company stock worth $4,769,475 over the last three months. Corporate insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NEM. TD lifted their price target on Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a research report on Monday, April 27th. The Goldman Sachs Group lifted their price target on Newmont from $123.20 to $125.10 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Bank of America lifted their price target on Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. National Bank Financial lifted their price target on Newmont from $130.00 to $140.00 and gave the company a "sector perform" rating in a research report on Friday, April 24th. Finally, UBS Group reduced their price target on Newmont from $150.00 to $140.00 and set a "buy" rating for the company in a research report on Friday, March 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $142.05.

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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