Clearbridge Investments LLC Sells 174,391 Shares of Newmont Corporation $NEM

Clearbridge Investments LLC trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 10.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,486,497 shares of the basic materials company’s stock after selling 174,391 shares during the period. Clearbridge Investments LLC’s holdings in Newmont were worth $148,427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in Newmont in the fourth quarter valued at approximately $1,443,128,000. Assetmark Inc. increased its stake in Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after purchasing an additional 2,294,396 shares in the last quarter. Boston Partners increased its stake in Newmont by 49.3% in the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after purchasing an additional 2,288,653 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Newmont by 106.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock valued at $349,288,000 after purchasing an additional 2,146,905 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Newmont by 142.0% in the second quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock valued at $189,963,000 after purchasing an additional 1,914,286 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the transaction, the executive vice president owned 46,315 shares in the company, valued at $4,877,895.80. This represents a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David James Fry sold 18,394 shares of the company’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 transaction of $2,050,011.30. Following the completion of the transaction, the insider owned 17,147 shares of the company’s stock, valued at $1,911,033.15. This trade represents a 51.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is owned by corporate insiders.

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

Wall Street Analyst Weigh In

Several brokerages have commented on NEM. Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the company an “outperform” rating in a research note on Monday, June 1st. BNP Paribas Exane upped their target price on shares of Newmont from $123.00 to $128.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. TD Securities reaffirmed a “hold” rating and issued a $129.00 target price on shares of Newmont in a research note on Monday, April 27th. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Finally, Jefferies Financial Group lowered their target price on shares of Newmont from $165.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $142.07.

Newmont Stock Up 0.1%

Newmont stock opened at $99.77 on Monday. The stock has a market capitalization of $106.51 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.65 and a beta of 0.42. Newmont Corporation has a twelve month low of $52.08 and a twelve month high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average of $111.70 and a 200-day moving average of $109.71.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 earnings per share. On average, equities research analysts anticipate that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Dividend Announcement

The business 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. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio is 13.49%.

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.