K.J. Harrison & Partners Inc Lowers Position in Newmont Corporation $NEM

K.J. Harrison & Partners Inc trimmed its position in shares of Newmont Corporation (NYSE:NEM) by 35.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,795 shares of the basic materials company’s stock after selling 34,000 shares during the quarter. Newmont makes up about 1.1% of K.J. Harrison & Partners Inc’s portfolio, making the stock its 21st biggest holding. K.J. Harrison & Partners Inc’s holdings in Newmont were worth $6,581,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. acquired a new stake in Newmont during the first quarter valued at $25,000. GoalVest Advisory LLC purchased a new stake in shares of Newmont during the 4th quarter worth about $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont during the 4th quarter worth about $26,000. Cornerstone Planning Group LLC grew its position 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 valued at $27,000 after acquiring an additional 206 shares during the period. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Newmont during the 4th quarter valued at about $28,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of analyst reports. National Bank Financial upped their price target on Newmont from $130.00 to $140.00 and gave the stock a “sector perform” rating in a report on Friday, April 24th. Macquarie Infrastructure dropped their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a report on Monday, June 15th. Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Finally, TD Securities reiterated a “hold” rating and set a $129.00 target price on shares of Newmont in a research report on Monday, April 27th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.35.

Newmont Price Performance

Shares of Newmont stock opened at $96.95 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The business has a 50 day simple moving average of $106.12 and a two-hundred day simple moving average of $110.78. The stock has a market capitalization of $103.50 billion, a P/E ratio of 12.57, a PEG ratio of 1.61 and a beta of 0.46. Newmont Corporation has a 12 month low of $55.37 and a 12 month high of $134.88.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same period in the prior year, the company earned $1.25 EPS. The firm’s revenue was up 45.8% compared to the same quarter last year. As a group, analysts predict that Newmont Corporation will post 9.87 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. Newmont’s dividend payout ratio (DPR) is currently 13.49%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value 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 trade 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, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred 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 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. In the last three months, insiders sold 25,556 shares of company stock valued at $2,781,006. Corporate insiders own 0.06% of the company’s stock.

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.