West Michigan Advisors LLC Sells 19,075 Shares of Newmont Corporation $NEM

West Michigan Advisors LLC cut its holdings in Newmont Corporation (NYSE:NEM) by 32.3% in the fourth quarter, HoldingsChannel reports. The firm owned 40,015 shares of the basic materials company’s stock after selling 19,075 shares during the period. Newmont accounts for approximately 0.9% of West Michigan Advisors LLC’s portfolio, making the stock its 19th biggest holding. West Michigan Advisors LLC’s holdings in Newmont were worth $3,995,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of NEM. Brighton Jones LLC boosted its holdings in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP boosted its holdings in Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after purchasing an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Newmont in the second quarter worth $240,000. Cerity Partners LLC boosted its holdings in Newmont by 108.9% in the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after purchasing an additional 65,342 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Newmont by 8.5% during the 2nd quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after buying an additional 3,856 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Up 2.4%

NEM opened at $111.87 on Thursday. Newmont Corporation has a 1-year low of $48.27 and a 1-year high of $134.88. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $120.82 billion, a price-to-earnings ratio of 17.51, a P/E/G ratio of 0.84 and a beta of 0.46. The business has a 50 day moving average of $114.89 and a 200-day moving average of $104.40.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. During the same period in the prior year, the business earned $1.40 earnings per share. Newmont’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Newmont Corporation will post 8.83 earnings per share for the current year.

Newmont Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd were given a $0.26 dividend. This is a positive change from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, March 3rd. Newmont’s dividend payout ratio (DPR) is currently 16.28%.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $113.09, for a total value of $339,270.00. Following the completion of the sale, the executive vice president directly owned 52,315 shares of the company’s stock, valued at approximately $5,916,303.35. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David James Fry sold 18,394 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares of the company’s stock, valued at $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 24,394 shares of company stock valued at $2,713,281 over the last three months. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

NEM has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a report on Monday, December 29th. Canaccord Genuity Group upped their price objective on shares of Newmont from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $121.00 to $157.00 in a report on Friday, February 27th. National Bank Financial set a $130.00 price objective on shares of Newmont and gave the stock a “sector perform” rating in a report on Thursday, April 16th. Finally, Macquarie Infrastructure upped their price objective on shares of Newmont from $126.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, March 27th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.26.

About Newmont

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.