Woodline Partners LP Invests $2.55 Million in Newmont Co. (NYSE:NEM)

Woodline Partners LP acquired a new position in shares of Newmont Co. (NYSE:NEM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 68,369 shares of the basic materials company's stock, valued at approximately $2,545,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. HHM Wealth Advisors LLC grew its holdings in Newmont by 66.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company's stock worth $33,000 after acquiring an additional 350 shares in the last quarter. Redwood Park Advisors LLC purchased a new position in Newmont in the fourth quarter valued at $37,000. Promus Capital LLC acquired a new stake in Newmont in the fourth quarter valued at $38,000. Kestra Investment Management LLC purchased a new stake in Newmont during the 4th quarter worth about $43,000. Finally, Assetmark Inc. lifted its holdings in Newmont by 185.9% during the 4th quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company's stock worth $47,000 after buying an additional 820 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

Shares of NYSE NEM traded down $0.31 during mid-day trading on Thursday, hitting $52.54. 6,069,405 shares of the company were exchanged, compared to its average volume of 10,111,173. The stock has a 50 day simple moving average of $51.29 and a 200-day simple moving average of $45.38. Newmont Co. has a 1-year low of $36.86 and a 1-year high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm has a market cap of $58.47 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.71 by $0.54. The company had revenue of $5.01 billion during the quarter, compared to analysts' expectations of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. During the same quarter last year, the business earned $0.55 EPS. On average, sell-side analysts forecast that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, May 27th. Newmont's dividend payout ratio is presently 22.42%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $131,130.00. Following the completion of the sale, the executive vice president now owns 86,526 shares of the company's stock, valued at approximately $3,782,051.46. This trade represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $51.48, for a total transaction of $106,923.96. Following the sale, the director now owns 47,257 shares in the company, valued at $2,432,790.36. The trade was a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,154 shares of company stock worth $328,840. Company insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NEM. Royal Bank of Canada boosted their price objective on shares of Newmont from $51.00 to $52.00 and gave the stock a "sector perform" rating in a research report on Friday, April 4th. National Bank Financial raised shares of Newmont to a "hold" rating in a research report on Friday, March 21st. Wall Street Zen lowered Newmont from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Cfra Research upgraded Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $56.52.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.