Sterling Capital Management LLC Lowers Position in Newmont Corporation $NEM

Sterling Capital Management LLC trimmed its position in shares of Newmont Corporation (NYSE:NEM) by 17.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 61,621 shares of the basic materials company’s stock after selling 12,657 shares during the period. Sterling Capital Management LLC’s holdings in Newmont were worth $6,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. GoalVest Advisory LLC purchased a new stake in Newmont during the fourth quarter worth $25,000. Swiss RE Ltd. purchased a new position in Newmont in the fourth quarter valued at $26,000. Cornerstone Planning Group LLC raised its position in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares during the period. JPL Wealth Management LLC acquired a new position in shares of Newmont in the third quarter worth about $27,000. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Newmont during the 4th quarter worth about $28,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of analyst reports. Jefferies Financial Group raised their target price on Newmont from $154.00 to $158.00 and gave the company a “buy” rating in a research report on Monday, June 8th. BMO Capital Markets lowered their price target on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 23rd. Weiss Ratings lowered Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Macquarie Infrastructure cut their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research report on Monday, June 15th. Finally, The Goldman Sachs Group reduced their target price on Newmont from $125.10 to $122.50 and set a “buy” rating for the company in a research note on Thursday, June 4th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $140.50.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 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 value of $315,960.00. Following the transaction, the executive vice president owned 46,315 shares in the company, valued at approximately $4,877,895.80. This trade represents a 6.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the sale, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 28,556 shares of company stock valued at $3,120,276 in the last 90 days. 0.06% of the stock is owned by company insiders.

Newmont Trading Up 0.8%

NEM stock opened at $96.09 on Friday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88. The stock has a market cap of $102.58 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.59 and a beta of 0.42. The business’s 50-day moving average is $107.94 and its 200 day moving average is $110.78.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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. The company had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.Newmont’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. On average, sell-side analysts anticipate that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. Newmont’s dividend payout ratio is currently 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.