Ninety One UK Ltd Cuts Stake in Newmont Corporation (NYSE:NEM)

Ninety One UK Ltd reduced its stake in shares of Newmont Corporation (NYSE:NEM) by 24.8% during the 1st quarter, HoldingsChannel reports. The fund owned 2,598,547 shares of the basic materials company’s stock after selling 857,909 shares during the period. Ninety One UK Ltd’s holdings in Newmont were worth $125,458,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. SOA Wealth Advisors LLC. lifted its holdings in shares of Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 201 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Newmont during the 1st quarter worth about $26,000. Private Trust Co. NA lifted its holdings in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 347 shares during the period. Nexus Investment Management ULC purchased a new position in shares of Newmont during the 1st quarter worth about $31,000. Finally, Alpine Bank Wealth Management purchased a new position in shares of Newmont during the 1st quarter worth about $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NEM shares. Wall Street Zen upgraded shares of Newmont from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Royal Bank Of Canada raised their price target on shares of Newmont from $52.00 to $66.00 and gave the company a “sector perform” rating in a report on Wednesday, June 4th. Scotiabank restated a “sector perform” rating on shares of Newmont in a report on Monday, April 14th. Cfra Research upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, April 25th. Finally, National Bank Financial upgraded shares of Newmont to a “hold” rating in a report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $59.11.

Newmont Stock Up 0.4%

NEM stock opened at $60.13 on Tuesday. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $60.31. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $66.92 billion, a P/E ratio of 13.48, a PEG ratio of 0.79 and a beta of 0.33. The firm has a 50 day simple moving average of $54.79 and a 200-day simple moving average of $48.48.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.54. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter last year, the company earned $0.55 earnings per share. On average, equities research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Tuesday, May 27th. Newmont’s payout ratio is currently 22.42%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares of the company’s stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the transaction, the director directly owned 43,103 shares of the company’s stock, valued at approximately $2,532,301.25. This represents a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,231 shares of company stock valued at $679,813. 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.