The Manufacturers Life Insurance Company Trims Holdings in Newmont Corporation $NEM

The Manufacturers Life Insurance Company trimmed its stake in shares of Newmont Corporation (NYSE:NEM) by 3.4% during the second quarter, HoldingsChannel.com reports. The firm owned 632,446 shares of the basic materials company’s stock after selling 22,517 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Newmont were worth $59,070,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. California State Teachers Retirement System grew its holdings in Newmont by 9,010.9% during the 2nd quarter. California State Teachers Retirement System now owns 155,311,124 shares of the basic materials company’s stock valued at $14,506,059,000 after buying an additional 153,606,457 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Newmont during the second quarter valued at about $11,289,753,000. Van ECK Associates Corp purchased a new stake in shares of Newmont in the second quarter worth about $671,197,000. Norges Bank bought a new position in shares of Newmont in the fourth quarter valued at approximately $1,443,128,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Newmont in the second quarter valued at approximately $1,219,505,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America decreased their target price on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. TD Securities raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Argus set a $110.00 price target on shares of Newmont in a research report on Monday, August 3rd. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Finally, Canaccord Genuity Group lowered their price objective on Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.11.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total transaction of $369,000.00. Following the sale, the executive vice president owned 37,315 shares in the company, valued at $4,589,745. This trade represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 32,091 shares of company stock worth $3,414,187. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Up 0.6%

Shares of NEM opened at $126.84 on Friday. The firm’s 50 day simple moving average is $110.42 and its 200 day simple moving average is $109.84. The company has a market capitalization of $133.65 billion, a P/E ratio of 16.02, a P/E/G ratio of 1.78 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. Newmont Corporation has a 1-year low of $76.05 and a 1-year high of $135.29.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the previous year, the company earned $1.43 EPS. Sell-side analysts forecast that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s payout ratio is currently 13.13%.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.