Inspire Investing LLC Trims Stock Position in Newmont Corporation $NEM

Inspire Investing LLC lessened its stake in shares of Newmont Corporation (NYSE:NEM) by 43.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 38,169 shares of the basic materials company’s stock after selling 29,268 shares during the quarter. Inspire Investing LLC’s holdings in Newmont were worth $3,811,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after buying an additional 637,996 shares during the last quarter. State Street Corp lifted its position in shares of Newmont by 1.0% during the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after buying an additional 480,223 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after buying an additional 5,643,496 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Newmont by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after buying an additional 946,824 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Newmont during the 4th quarter worth approximately $1,443,128,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM opened at $105.55 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The stock has a market capitalization of $112.68 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.80 and a beta of 0.42. The company’s fifty day moving average is $110.52 and its two-hundred day moving average is $110.51. Newmont Corporation has a 1 year low of $55.37 and a 1 year high of $134.88.

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

Newmont Dividend Announcement

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

Insider Activity

In other news, CEO Natascha Viljoen sold 3,882 shares of the company’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 $408,852.24. Following the transaction, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at $15,060,654.68. This represents a 2.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. 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. Over the last quarter, insiders sold 28,556 shares of company stock valued at $3,120,276. 0.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NEM. Bank of America boosted their price objective 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. National Bank Financial upped their price target on shares of Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research report on Friday, April 24th. Argus upped their price target on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. UBS Group reduced 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, BNP Paribas Exane upped their price target on shares of Newmont from $123.00 to $128.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $141.79.

Key Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Zacks upgraded Newmont from hold to strong-buy, reinforcing a more optimistic view on the stock’s near-term prospects.
• Positive Sentiment: Wall Street’s average price target implies about 30% upside, with analysts also pointing to rising earnings estimates as a supportive signal for the shares. Article: Does Newmont (NEM) Have the Potential to Rally 30.14% as Wall Street Analysts Expect?
• Positive Sentiment: Newmont announced a leadership reshuffle, naming new CFO, COO, and CTO appointments effective July 1, which investors may see as a move to sharpen execution under CEO Natascha Viljoen.
• Positive Sentiment: Several recent articles highlight Newmont as a value or buy idea and note that the company remains well positioned if gold prices rebound, which is supportive for a gold miner.
• Neutral Sentiment: Other coverage focused on comparison pieces and broad investor interest, but these are less likely to move the stock on their own.

Newmont Company 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.