Minneapolis Portfolio Management Group LLC Sells 84,615 Shares of Newmont Corporation $NEM

Minneapolis Portfolio Management Group LLC lessened its holdings in shares of Newmont Corporation (NYSE:NEM) by 15.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 480,114 shares of the basic materials company’s stock after selling 84,615 shares during the period. Newmont accounts for approximately 4.6% of Minneapolis Portfolio Management Group LLC’s investment portfolio, making the stock its 4th biggest position. Minneapolis Portfolio Management Group LLC’s holdings in Newmont were worth $40,478,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of NEM. Norges Bank purchased a new stake in shares of Newmont in the 2nd quarter valued at approximately $919,170,000. Invesco Ltd. raised its position in shares of Newmont by 45.0% during the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after acquiring an additional 4,839,447 shares in the last quarter. Boston Partners lifted its position in shares of Newmont by 4,090.7% during the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after buying an additional 4,532,263 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Newmont by 1,502.5% in the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock valued at $273,391,000 after acquiring an additional 4,399,778 shares in the last quarter. Finally, LSV Asset Management acquired a new position in Newmont during the second quarter worth approximately $187,206,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Down 0.0%

Shares of Newmont stock opened at $114.17 on Friday. The business has a 50-day moving average price of $97.58 and a 200 day moving average price of $82.51. Newmont Corporation has a fifty-two week low of $40.85 and a fifty-two week high of $115.70. The firm has a market cap of $124.59 billion, a P/E ratio of 17.73, a P/E/G ratio of 0.85 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last announced its quarterly 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. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm earned $0.81 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. On average, sell-side analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. Newmont’s payout ratio is 15.53%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. National Bankshares increased their target price on shares of Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Citigroup reaffirmed a “buy” rating on shares of Newmont in a report on Monday. BNP Paribas cut shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price objective on the stock. in a research note on Friday, December 5th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $71.50 to $114.00 in a report on Thursday, October 23rd. Finally, The Goldman Sachs Group raised their target price on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research report on Monday, January 12th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Buy” and an average price target of $99.35.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,160 shares of company stock valued at $767,206 over the last ninety days. Insiders own 0.05% of the company’s stock.

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.