Geode Capital Management LLC Grows Position in Newmont Corporation $NEM

Geode Capital Management LLC raised its holdings in Newmont Corporation (NYSE:NEM) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,011,084 shares of the basic materials company’s stock after acquiring an additional 946,824 shares during the period. Geode Capital Management LLC’s holdings in Newmont were worth $2,738,756,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of NEM. Assetmark Inc. increased its position in shares of Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after purchasing an additional 2,294,396 shares during the last quarter. Boston Partners increased its position in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after purchasing an additional 2,288,653 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock valued at $349,288,000 after purchasing an additional 2,146,905 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock valued at $189,963,000 after purchasing an additional 1,914,286 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new position in shares of Newmont during the 4th quarter valued at about $166,191,000. 68.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NEM. Canaccord Genuity Group increased their price objective on Newmont from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. Citigroup raised their price target on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Jefferies Financial Group reduced their price target on Newmont from $165.00 to $154.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Bank of America raised their price target on Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.53.

Newmont Stock Down 4.0%

Shares of NYSE:NEM opened at $107.17 on Thursday. The stock has a fifty day simple moving average of $110.88 and a two-hundred day simple moving average of $108.78. The stock has a market capitalization of $114.41 billion, a price-to-earnings ratio of 13.90 and a beta of 0.43. Newmont Corporation has a 12-month low of $51.80 and a 12-month high of $134.88. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its quarterly earnings data 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. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same period last year, the firm posted $1.25 earnings per share. Newmont’s revenue was up 45.8% compared to the same quarter last year. On average, research analysts anticipate that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Newmont’s payout ratio is presently 13.49%.

Insider Transactions at Newmont

In other news, insider David John Thornton sold 2,296 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 transaction of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Also, insider David James Fry sold 18,394 shares of Newmont stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the transaction, the insider directly owned 17,147 shares in the company, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is currently owned by insiders.

Newmont Company 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.