Vanguard Group Inc. Trims Stake in Newmont Corporation $NEM

Vanguard Group Inc. trimmed its position in shares of Newmont Corporation (NYSE:NEM) by 0.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 134,965,091 shares of the basic materials company’s stock after selling 122,330 shares during the quarter. Vanguard Group Inc. owned approximately 0.12% of Newmont worth $7,863,066,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mount Lucas Management LP purchased a new stake in Newmont in the second quarter worth $1,560,000. LSV Asset Management purchased a new position in Newmont during the 2nd quarter valued at about $187,206,000. Nomura Asset Management Co. Ltd. grew its holdings in Newmont by 4.8% in the second quarter. Nomura Asset Management Co. Ltd. now owns 383,328 shares of the basic materials company’s stock worth $22,333,000 after purchasing an additional 17,595 shares during the period. Semanteon Capital Management LP bought a new position in shares of Newmont during the second quarter valued at approximately $407,000. Finally, Generali Investments Management Co LLC lifted its holdings in shares of Newmont by 36.7% during the second quarter. Generali Investments Management Co LLC now owns 8,375 shares of the basic materials company’s stock valued at $487,000 after purchasing an additional 2,248 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 0.5%

Newmont stock opened at $86.67 on Wednesday. Newmont Corporation has a one year low of $36.86 and a one year high of $98.58. The business’s fifty day moving average is $85.02 and its 200 day moving average is $69.42. The stock has a market capitalization of $94.58 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.Newmont’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. On average, sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont’s dividend payout ratio is 15.53%.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of analyst reports. CIBC set a $112.00 price objective on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial set a $99.00 price target on Newmont and gave the stock an “outperform” rating in a research report on Friday, October 24th. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Citigroup raised their price objective on shares of Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Bank of America upped their target price on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $88.99.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. The trade was a 5.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 11,237 shares of company stock worth $906,799 in the last 90 days. 0.05% of the stock is currently owned by corporate insiders.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.