Los Angeles Capital Management LLC Raises Stock Position in Newmont Corporation $NEM

Los Angeles Capital Management LLC boosted its holdings in Newmont Corporation (NYSE:NEM) by 2.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,479,436 shares of the basic materials company’s stock after buying an additional 91,969 shares during the period. Newmont accounts for approximately 1.2% of Los Angeles Capital Management LLC’s holdings, making the stock its 13th biggest position. Los Angeles Capital Management LLC’s holdings in Newmont were worth $347,422,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of NEM. GoalVest Advisory LLC purchased a new stake in Newmont in the 4th quarter worth $25,000. Cornerstone Planning Group LLC grew its position in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares in the last quarter. JPL Wealth Management LLC purchased a new position in shares of Newmont during the third quarter valued at about $27,000. Lodestone Wealth Management LLC purchased a new position in shares of Newmont during the fourth quarter valued at about $28,000. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of Newmont during the fourth quarter valued at about $30,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NEM shares. Wall Street Zen lowered Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Barclays started coverage on Newmont in a research report on Thursday, May 21st. They set an “overweight” rating and a $133.00 price objective for the company. Macquarie Infrastructure raised their price objective on Newmont from $130.00 to $133.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Bank of America raised their price objective on Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, National Bank Financial raised their price objective on Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research report on Friday, April 24th. 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.07.

Newmont Stock Down 7.9%

Shares of NYSE NEM opened at $99.77 on Friday. 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 company has a market cap of $106.51 billion, a P/E ratio of 12.94, a PEG ratio of 1.65 and a beta of 0.42. Newmont Corporation has a 1 year low of $52.08 and a 1 year high of $134.88. The firm has a 50-day simple moving average of $111.70 and a two-hundred day simple moving average of $109.55.

Newmont (NYSE:NEM) last posted 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. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company’s revenue was up 45.8% on a year-over-year basis. Research analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

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 paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Insider Activity

In other news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on Monday, March 16th. The shares were 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. The trade was a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was 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. In the last ninety days, insiders have sold 49,950 shares of company stock valued at $5,494,288. Insiders own 0.06% of the company’s stock.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

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.