Resona Asset Management Co. Ltd. Reduces Stock Holdings in Newmont Corporation $NEM

Resona Asset Management Co. Ltd. decreased its position in Newmont Corporation (NYSE:NEM) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 351,369 shares of the basic materials company’s stock after selling 6,917 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Newmont were worth $35,082,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. AMF Tjanstepension AB lifted its stake in Newmont by 169.6% in the fourth quarter. AMF Tjanstepension AB now owns 761,076 shares of the basic materials company’s stock valued at $75,993,000 after purchasing an additional 478,821 shares during the last quarter. Csenge Advisory Group purchased a new position in Newmont in the fourth quarter valued at approximately $294,000. ProShare Advisors LLC lifted its stake in Newmont by 3.7% in the fourth quarter. ProShare Advisors LLC now owns 233,835 shares of the basic materials company’s stock valued at $23,348,000 after purchasing an additional 8,383 shares during the last quarter. Radnor Capital Management LLC lifted its stake in Newmont by 17.6% in the fourth quarter. Radnor Capital Management LLC now owns 25,153 shares of the basic materials company’s stock valued at $2,512,000 after purchasing an additional 3,770 shares during the last quarter. Finally, Cedar Wealth Management LLC lifted its stake in Newmont by 34.6% in the fourth quarter. Cedar Wealth Management LLC now owns 7,786 shares of the basic materials company’s stock valued at $777,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of several research analyst reports. UBS Group dropped their price objective on Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Royal Bank Of Canada upped their price objective on Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Sanford C. Bernstein upgraded Newmont from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $121.00 to $157.00 in a research note on Friday, February 27th. Stifel Nicolaus boosted their target price on shares of Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Finally, TD boosted their target price on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $142.51.

Insider Activity

In other news, insider David James Fry sold 18,394 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the transaction, the insider owned 17,147 shares of the company’s stock, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 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 $330,330.00. Following the completion of the transaction, the executive vice president directly owned 49,315 shares in the company, valued at approximately $5,430,074.65. The trade was a 5.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 43,068 shares of company stock worth $4,769,475. Company insiders own 0.06% of the company’s stock.

Newmont Trading Up 0.7%

Shares of NEM stock opened at $109.81 on Tuesday. The company’s fifty day simple moving average is $111.83 and its two-hundred day simple moving average is $107.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a 1 year low of $49.99 and a 1 year high of $134.88. The stock has a market capitalization of $117.23 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 1.52 and a beta of 0.43.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts anticipate that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont’s dividend payout ratio is presently 13.49%.

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.