Geode Capital Management LLC Increases Position in Newmont Co. (NYSE:NEM)

Geode Capital Management LLC lifted its stake in Newmont Co. (NYSE:NEM - Free Report) by 5.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,697,779 shares of the basic materials company's stock after purchasing an additional 1,213,397 shares during the quarter. Geode Capital Management LLC owned 2.17% of Newmont worth $919,484,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Public Sector Pension Investment Board raised its position in shares of Newmont by 11.1% in the third quarter. Public Sector Pension Investment Board now owns 49,238 shares of the basic materials company's stock valued at $2,632,000 after purchasing an additional 4,900 shares during the period. Hilltop Holdings Inc. acquired a new position in shares of Newmont in the 3rd quarter worth approximately $407,000. Investment Management Corp of Ontario grew its position in Newmont by 49.0% during the 3rd quarter. Investment Management Corp of Ontario now owns 38,328 shares of the basic materials company's stock worth $2,049,000 after acquiring an additional 12,600 shares during the last quarter. Royal London Asset Management Ltd. increased its holdings in Newmont by 2.7% during the 3rd quarter. Royal London Asset Management Ltd. now owns 475,146 shares of the basic materials company's stock valued at $25,397,000 after purchasing an additional 12,705 shares in the last quarter. Finally, Quarry LP bought a new position in Newmont in the 3rd quarter valued at $161,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Remove Ads

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $83,080.00. Following the completion of the sale, the director now owns 52,070 shares of the company's stock, valued at approximately $2,082,800. This represents a 3.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Natascha Viljoen sold 9,000 shares of the business's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the completion of the sale, the chief operating officer now directly owns 145,967 shares in the company, valued at $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,231 shares of company stock valued at $1,388,758 in the last three months. 0.05% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NEM shares. The Goldman Sachs Group initiated coverage on Newmont in a report on Monday, January 13th. They set a "buy" rating and a $47.20 price objective on the stock. Scotiabank lowered their price target on Newmont from $52.00 to $50.00 and set a "sector perform" rating for the company in a research note on Tuesday, January 21st. TD Securities reduced their price objective on shares of Newmont from $46.00 to $45.00 and set a "hold" rating on the stock in a research note on Wednesday, February 26th. Royal Bank of Canada upped their target price on shares of Newmont from $51.00 to $52.00 and gave the company a "sector perform" rating in a research note on Friday. Finally, National Bank Financial upgraded Newmont to a "hold" rating in a report on Friday, March 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.09.

Newmont Price Performance

NYSE NEM traded down $4.08 during trading hours on Friday, reaching $44.25. The company's stock had a trading volume of 21,146,797 shares, compared to its average volume of 9,698,987. 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's 50-day moving average price is $45.34 and its 200-day moving average price is $45.33. Newmont Co. has a 1 year low of $36.60 and a 1 year high of $58.72. The company has a market capitalization of $49.88 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 0.41 and a beta of 0.54.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. On average, equities research analysts predict that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Tuesday, March 4th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, March 4th. Newmont's dividend payout ratio is currently 34.13%.

Newmont 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.