Nordea Investment Management AB Sells 5,775 Shares of Newmont Corporation $NEM

Nordea Investment Management AB lessened its holdings in Newmont Corporation (NYSE:NEM) by 0.2% during the second quarter, Holdings Channel.com reports. The firm owned 3,220,062 shares of the basic materials company’s stock after selling 5,775 shares during the quarter. Nordea Investment Management AB’s holdings in Newmont were worth $184,703,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NEM. Nuveen LLC bought a new stake in Newmont in the first quarter worth $306,507,000. Pacer Advisors Inc. lifted its stake in Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after purchasing an additional 5,251,616 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Newmont by 1,502.5% in the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after purchasing an additional 4,399,778 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Newmont by 1,074.8% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock worth $116,416,000 after purchasing an additional 2,206,017 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Newmont by 2,003.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after purchasing an additional 1,506,010 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NEM shares. Bank of America boosted their price target on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the company a “buy” rating in a research report on Sunday, October 12th. Citigroup boosted their price objective on shares of Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a research report on Wednesday. Stifel Nicolaus started coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective on the stock. Finally, Macquarie cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.59.

Newmont Price Performance

Shares of NYSE NEM opened at $90.76 on Friday. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The company’s 50-day moving average is $79.24 and its 200 day moving average is $63.97. The stock has a market capitalization of $99.69 billion, a P/E ratio of 16.29, a P/E/G ratio of 1.07 and a beta of 0.34.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the company earned $0.72 earnings per share. Newmont’s quarterly revenue was up 20.8% on a year-over-year basis. On average, sell-side analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Thursday, September 4th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. Newmont’s payout ratio is currently 17.95%.

Insider Activity at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the business’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president owned 58,736 shares in the company, valued at $3,739,133.76. This represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock worth $1,132,065 over the last 90 days. 0.05% of the stock is owned by company insiders.

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.