Sagespring Wealth Partners LLC Acquires Shares of 6,561 Newmont Co. (NYSE:NEM)

Sagespring Wealth Partners LLC bought a new stake in Newmont Co. (NYSE:NEM) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,561 shares of the basic materials company’s stock, valued at approximately $244,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. Van ECK Associates Corp grew its position in shares of Newmont by 1.6% in the 4th quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock worth $1,851,606,000 after buying an additional 797,445 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Newmont by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock valued at $919,484,000 after purchasing an additional 1,213,397 shares during the last quarter. Norges Bank bought a new stake in shares of Newmont in the 4th quarter worth approximately $626,074,000. Amundi increased its position in Newmont by 14.0% during the 4th quarter. Amundi now owns 12,302,579 shares of the basic materials company’s stock valued at $481,400,000 after buying an additional 1,507,708 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Newmont by 23.9% during the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company’s stock valued at $391,568,000 after buying an additional 2,028,150 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on NEM. Raymond James lifted their price target on Newmont from $54.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, April 4th. National Bank Financial raised shares of Newmont to a “hold” rating in a research report on Friday, March 21st. TD Securities lowered their price objective on Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, February 26th. Royal Bank of Canada boosted their price target on Newmont from $51.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Friday, April 4th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Newmont in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $55.02.

Newmont Trading Up 2.6 %

NYSE:NEM opened at $55.99 on Thursday. Newmont Co. has a one year low of $36.60 and a one year high of $58.72. The business has a fifty day moving average price of $46.78 and a 200-day moving average price of $45.12. The firm has a market capitalization of $63.12 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. Sell-side analysts forecast that Newmont Co. will post 3.45 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Tuesday, March 4th. Newmont’s payout ratio is 34.13%.

Insider Buying and Selling at Newmont

In other news, COO Natascha Viljoen sold 9,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $386,010.00. Following the transaction, the chief operating officer now directly owns 136,967 shares in the company, valued at $5,874,514.63. The trade was a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $89,082.53. Following the completion of the transaction, the director now owns 49,993 shares of the company’s stock, valued at $2,144,199.77. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,154 shares of company stock valued at $825,678 over the last 90 days. 0.05% of the stock is currently owned by corporate insiders.

About Newmont

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.