Empire Life Investments Inc. Acquires New Position in Newmont Corporation $NEM

Empire Life Investments Inc. bought a new position in shares of Newmont Corporation (NYSE:NEM) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 118,216 shares of the basic materials company’s stock, valued at approximately $11,804,000.

A number of other hedge funds have also bought and sold shares of the stock. Glass Wealth Management Co LLC raised its holdings in shares of Newmont by 2.2% in the fourth quarter. Glass Wealth Management Co LLC now owns 98,570 shares of the basic materials company’s stock worth $9,842,000 after buying an additional 2,090 shares during the last quarter. Meridian Wealth Management LLC raised its stake in Newmont by 25.9% in the 4th quarter. Meridian Wealth Management LLC now owns 7,155 shares of the basic materials company’s stock worth $714,000 after acquiring an additional 1,470 shares during the last quarter. Strategic Planning Group LLC lifted its position in Newmont by 2.1% during the 4th quarter. Strategic Planning Group LLC now owns 94,059 shares of the basic materials company’s stock worth $9,392,000 after acquiring an additional 1,956 shares during the period. AG2R LA Mondiale Gestion D Actifs increased its holdings in shares of Newmont by 4.0% in the fourth quarter. AG2R LA Mondiale Gestion D Actifs now owns 45,381 shares of the basic materials company’s stock valued at $4,531,000 after purchasing an additional 1,766 shares during the period. Finally, Fortem Financial Group LLC raised its stake in shares of Newmont by 5.5% in the fourth quarter. Fortem Financial Group LLC now owns 47,609 shares of the basic materials company’s stock worth $4,754,000 after purchasing an additional 2,501 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $330,330.00. Following the transaction, the executive vice president directly owned 49,315 shares of the company’s stock, valued at $5,430,074.65. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. 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 sold 43,068 shares of company stock valued at $4,769,475. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on NEM shares. Macquarie Infrastructure upped their target price on Newmont from $130.00 to $133.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. UBS Group decreased their price objective on shares of Newmont from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, March 27th. Citigroup upped their price objective on shares of Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. National Bank Financial raised their target price on shares of Newmont from $130.00 to $140.00 and gave the stock a “sector perform” rating in a report on Friday, April 24th. Finally, Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.51.

Newmont Trading Down 0.7%

Shares of NYSE:NEM opened at $119.77 on Wednesday. The business’s 50 day moving average price is $112.40 and its 200-day moving average price is $106.58. Newmont Corporation has a 1 year low of $48.27 and a 1 year high of $134.88. The firm has a market capitalization of $127.86 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 1.68 and a beta of 0.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 33.87% and a return on equity of 27.84%. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 earnings per share. On average, equities research analysts forecast that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company 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. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio (DPR) is 13.49%.

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.