Cloverfields Capital Group LP Sells 5,923 Shares of Newmont Corporation $NEM

Cloverfields Capital Group LP reduced its stake in shares of Newmont Corporation (NYSE:NEM) by 27.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 15,465 shares of the basic materials company’s stock after selling 5,923 shares during the period. Cloverfields Capital Group LP’s holdings in Newmont were worth $1,544,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after acquiring an additional 637,996 shares during the last quarter. Geode Capital Management LLC raised its position in Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after purchasing an additional 946,824 shares during the period. Norges Bank purchased a new position in Newmont in the 4th quarter worth $1,443,128,000. Bank of New York Mellon Corp raised its position in Newmont by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 11,622,479 shares of the basic materials company’s stock worth $1,160,505,000 after purchasing an additional 725,012 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Newmont by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,174,938 shares of the basic materials company’s stock worth $916,135,000 after purchasing an additional 32,808 shares during the period. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

NEM has been the topic of a number of analyst reports. Canaccord Genuity Group lifted their target price on shares of Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. BMO Capital Markets lifted their target price on shares of Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. BNP Paribas Exane lifted their target price on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Finally, Macquarie Infrastructure lifted their target price on shares of Newmont from $130.00 to $133.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $142.26.

Newmont Price Performance

NEM stock opened at $100.10 on Friday. The firm’s 50-day moving average price is $110.94 and its two-hundred day moving average price is $109.98. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88. The stock has a market capitalization of $106.86 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.62 and a beta of 0.42. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its quarterly earnings data 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 firm 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 company earned $1.25 earnings per share. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, equities analysts predict that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders 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 dividend yield of 1.0%. Newmont’s payout ratio is presently 13.49%.

Insider Transactions at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the transaction, the chief executive officer owned 142,999 shares in the company, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last three months, insiders have sold 49,950 shares of company stock valued at $5,494,288. Company insiders own 0.06% of the company’s stock.

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.