Gemsstock Ltd. Reduces Holdings in Newmont Corporation $NEM

Gemsstock Ltd. trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 26.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,415 shares of the basic materials company’s stock after selling 111,750 shares during the period. Newmont comprises approximately 4.5% of Gemsstock Ltd.’s holdings, making the stock its 12th biggest holding. Gemsstock Ltd.’s holdings in Newmont were worth $30,995,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. GoalVest Advisory LLC purchased a new position in shares of Newmont during the 4th quarter worth approximately $25,000. Swiss RE Ltd. purchased a new position in shares of Newmont during the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC increased its stake in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares in the last quarter. Lodestone Wealth Management LLC purchased a new position in shares of Newmont during the 4th quarter worth approximately $28,000. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of Newmont during the 4th quarter worth approximately $30,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In other news, insider David James Fry sold 18,394 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction 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. The trade was a 51.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the sale, the executive vice president directly owned 46,315 shares of the company’s stock, valued at $4,877,895.80. This represents a 6.08% 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. Over the last three months, insiders sold 49,950 shares of company stock worth $5,494,288. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NEM shares. BNP Paribas Exane raised their price objective on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research note on Monday, March 2nd. Citigroup raised their price objective on shares of Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Barclays started coverage on shares of Newmont in a research note on Thursday, May 21st. They set an “overweight” rating and a $133.00 price objective for the company. Bank of America raised their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Scotiabank lowered their target price on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research note on Friday, March 20th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.26.

Newmont Stock Up 2.6%

NEM stock opened at $100.10 on Friday. The stock has a market capitalization of $106.86 billion, a P/E ratio of 12.98, a PEG ratio of 1.62 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a one year low of $55.37 and a one year high of $134.88. The company has a 50 day moving average price of $110.94 and a two-hundred day moving average price of $109.98.

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

Newmont Dividend Announcement

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

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.