Milford Funds Ltd. Acquires Shares of 1,019,021 Newmont Corporation $NEM

Milford Funds Ltd. acquired a new stake in Newmont Corporation (NYSE:NEM) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 1,019,021 shares of the basic materials company’s stock, valued at approximately $101,749,000. Newmont makes up 2.0% of Milford Funds Ltd.’s holdings, making the stock its 16th largest position.

Other large investors also recently added to or reduced their stakes in the company. Apella Capital LLC lifted its position in shares of Newmont by 4.1% in the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock worth $219,000 after purchasing an additional 86 shares during the period. New Wave Wealth Advisors LLC lifted its position in shares of Newmont by 1.3% in the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock worth $684,000 after purchasing an additional 88 shares during the period. Novem Group lifted its position in shares of Newmont by 3.7% in the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock worth $248,000 after purchasing an additional 88 shares during the period. Norden Group LLC lifted its position in shares of Newmont by 0.7% in the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock worth $1,235,000 after purchasing an additional 90 shares during the period. Finally, Coston McIsaac & Partners lifted its position in shares of Newmont by 28.6% in the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 100 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NEM. Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. Bank of America upped their price target on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. TD upped their price target on shares of Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a research report on Monday, April 27th. UBS Group lowered their price target on shares of Newmont from $150.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, March 27th. Finally, Jefferies Financial Group upped their price target on shares of Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $142.26.

Insiders Place Their Bets

In other Newmont news, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction on Friday, May 1st. The shares were 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 of the company’s stock, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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, CEO Natascha Viljoen sold 3,882 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the transaction, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. This represents a 2.64% 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. In the last quarter, insiders have sold 49,950 shares of company stock valued at $5,494,288. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Up 2.6%

NYSE:NEM opened at $100.10 on Friday. Newmont Corporation has a 52 week low of $55.37 and a 52 week high of $134.88. The firm has a 50 day moving average of $110.94 and a 200 day moving average of $109.98. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $106.86 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.62 and a beta of 0.42.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. Newmont’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

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

Newmont 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.