Arrowstreet Capital Limited Partnership Increases Stock Holdings in Newmont Corporation $NEM

Arrowstreet Capital Limited Partnership increased its holdings in Newmont Corporation (NYSE:NEM) by 110.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,743,228 shares of the basic materials company’s stock after purchasing an additional 4,588,018 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Newmont were worth $873,011,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NEM. Norges Bank purchased a new stake in shares of Newmont in the fourth quarter valued at $1,443,128,000. Van ECK Associates Corp grew its position in shares of Newmont by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares during the period. Assetmark Inc. grew its position in shares of Newmont by 398.3% in the fourth 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 period. Boston Partners grew its position in shares of Newmont by 49.3% in the third 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 period. Finally, Bridgewater Associates LP grew its position in shares of Newmont by 496.1% in the fourth quarter. Bridgewater Associates LP now owns 2,308,909 shares of the basic materials company’s stock valued at $230,545,000 after purchasing an additional 1,921,592 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares of the company’s stock, valued at $4,877,895.80. This represents a 6.08% decrease in their ownership of the stock. The sale 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. Also, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the transaction, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last three months, insiders have sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is owned by insiders.

Newmont Price Performance

NEM stock opened at $100.10 on Friday. The stock has a 50-day moving average price of $110.94 and a two-hundred day moving average price of $109.98. Newmont Corporation has a 12-month low of $55.37 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. The company has a market cap of $106.86 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. The company’s revenue was up 45.8% compared to the same quarter last year. As a group, research analysts predict that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given 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 dividend payout ratio is presently 13.49%.

Analysts Set New Price Targets

A number of research firms have issued reports on NEM. Scotiabank lowered their price target on Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research report on Friday, March 20th. Citigroup boosted their price target on Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group lowered their price target on Newmont from $125.10 to $122.50 and set a “buy” rating for the company in a research report on Thursday, June 4th. UBS Group lowered 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. Finally, Sanford C. Bernstein raised Newmont from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $121.00 to $157.00 in a research report on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.26.

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.