Sumitomo Mitsui Financial Group Inc. Acquires New Shares in Newmont Corporation $NEM

Sumitomo Mitsui Financial Group Inc. acquired a new stake in Newmont Corporation (NYSE:NEM) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 190,004 shares of the basic materials company’s stock, valued at approximately $18,972,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. GoalVest Advisory LLC bought a new position in Newmont in the fourth quarter worth about $25,000. Cornerstone Planning Group LLC raised its holdings in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares in the last quarter. Lodestone Wealth Management LLC bought a new position in Newmont in the fourth quarter worth about $28,000. Laurel Wealth Advisors LLC bought a new position in Newmont in the fourth quarter worth about $30,000. Finally, Rosenberg Matthew Hamilton raised its holdings in Newmont by 308.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 231 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Transactions at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the sale, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David James Fry sold 18,394 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 17,147 shares of the company’s stock, valued at $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,950 shares of company stock valued at $5,494,288 over the last quarter. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on NEM shares. National Bank Financial boosted their target price on shares of Newmont from $130.00 to $140.00 and gave the stock a “sector perform” rating in a report on Friday, April 24th. Sanford C. Bernstein upgraded shares of Newmont from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $121.00 to $157.00 in a report on Friday, February 27th. UBS Group reduced their target price on shares of Newmont from $150.00 to $140.00 and set a “buy” rating for the company in a report on Friday, March 27th. Argus boosted their target price on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Finally, Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an “outperform” rating in a report on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $142.26.

Newmont Price Performance

Shares of NEM stock opened at $97.52 on Friday. Newmont Corporation has a fifty-two week low of $54.14 and a fifty-two week high of $134.88. The firm has a market capitalization of $104.11 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 1.54 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The stock’s 50-day simple moving average is $111.21 and its 200-day simple moving average is $110.05.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.25 earnings per share. As a group, equities analysts forecast that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.1%. Newmont’s dividend payout ratio is currently 13.49%.

About Newmont

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.