First Eagle Investment Management LLC Reduces Stock Holdings in Newmont Corporation $NEM

First Eagle Investment Management LLC lowered its position in Newmont Corporation (NYSE:NEM) by 12.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,717,958 shares of the basic materials company’s stock after selling 1,915,919 shares during the quarter. Newmont accounts for approximately 2.4% of First Eagle Investment Management LLC’s holdings, making the stock its 13th biggest holding. First Eagle Investment Management LLC’s holdings in Newmont were worth $1,369,738,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GoalVest Advisory LLC purchased a new position in shares of Newmont in the fourth quarter valued at $25,000. Cornerstone Planning Group LLC increased its position in shares of Newmont by 312.1% in the fourth 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 in the last quarter. Lodestone Wealth Management LLC purchased a new position in shares of Newmont in the fourth quarter valued at $28,000. Laurel Wealth Advisors LLC purchased a new position in shares of Newmont in the fourth quarter valued at $30,000. Finally, Rosenberg Matthew Hamilton increased its position in shares of 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 buying an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NYSE NEM opened at $120.54 on Tuesday. The company has a market cap of $128.69 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 1.62 and a beta of 0.43. Newmont Corporation has a 12 month low of $48.27 and a 12 month 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 company has a 50-day simple moving average of $112.61 and a 200-day simple moving average of $106.35.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 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 analysts’ expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 EPS. On average, equities analysts anticipate that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont’s payout ratio is 13.49%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Macquarie Infrastructure lifted their price objective on Newmont from $130.00 to $133.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. TD Securities reiterated a “hold” rating and set a $129.00 price objective on shares of Newmont in a research report on Monday, April 27th. Wall Street Zen upgraded shares of Newmont from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Bank of America lifted their price target on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Argus lifted their price target on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average target price of $142.51.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated 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 sale, the executive vice president owned 49,315 shares in the company, valued at $5,430,074.65. The trade was a 5.73% decrease in their position. The transaction was disclosed in a filing 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, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This trade represents a 9.02% decrease in their position. 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 worth $4,769,475 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

About Newmont

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.