E. Ohman J or Asset Management AB Decreases Stock Position in Newmont Corporation $NEM

E. Ohman J or Asset Management AB trimmed its stake in shares of Newmont Corporation (NYSE:NEM) by 22.6% in the 4th quarter, HoldingsChannel reports. The firm owned 37,098 shares of the basic materials company’s stock after selling 10,853 shares during the period. E. Ohman J or Asset Management AB’s holdings in Newmont were worth $3,704,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Newmont in the 2nd quarter valued at about $919,170,000. Invesco Ltd. increased its stake in shares of Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after buying an additional 4,839,447 shares during the period. Boston Partners raised its holdings in Newmont by 4,090.7% in the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after acquiring an additional 4,532,263 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Newmont by 172.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after acquiring an additional 2,723,044 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted 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 worth $349,288,000 after acquiring an additional 2,146,905 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Zacks highlights Newmont as one of two basic-materials names showing positive earnings momentum (Earnings ESP), reinforcing expectations for continuing earnings surprises after Newmont’s recent quarter beat. Read More.
• Positive Sentiment: Heightened investor attention: Zacks reports Newmont is one of the most-searched names recently, which can drive intraday interest and trading flows. Read More.
• Neutral Sentiment: Dividend mechanics update for Australian CHESS/CDI holders: Newmont posted currency-exchange details for its ASX/CHESS dividend notification — administrative but clarifies cash flows for Australian investors. Read More.
• Neutral Sentiment: Executive share sales disclosed as pre-planned trades: Newmont announced a planned trading sale by EVP Peter Toth, which the company frames as routine and pre-arranged. Such plan-based sales are less likely to signal negative private information. Read More.
• Negative Sentiment: Falling gold prices are pressuring miners broadly — Barron’s notes gold has erased YTD gains and is dragging mining stocks lower, a primary headwind for Newmont’s revenue outlook and sentiment. Read More.
• Negative Sentiment: Analyst pressure: Scotiabank cut its Newmont price target to $151 and other outlets reported an analyst downgrade that previously knocked shares lower — analyst revisions can cap upside until commodity trends stabilize. Read More. Read More.
• Negative Sentiment: Insider selling reported: separate filings show an EVP sold roughly $324k of stock; while not uncommon, active insider sales can weigh on near-term sentiment. Read More.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $108.00, for a total value of $324,000.00. Following the completion of the sale, the executive vice president directly owned 55,315 shares of the company’s stock, valued at $5,974,020. This represents a 5.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was 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 in the company, valued at $1,911,033.15. This represents a 51.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.05% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NEM shares. BNP Paribas Exane increased their price objective on shares of Newmont from $123.00 to $128.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Canadian Imperial Bank of Commerce decreased their price objective on shares of Newmont from $71.00 to $67.00 in a research report on Friday, February 27th. Canaccord Genuity Group boosted their target price on shares of Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Zacks Research upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 5th. Finally, UBS Group decreased their price target on Newmont from $160.00 to $150.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Newmont has an average rating of “Buy” and a consensus target price of $134.10.

Newmont Trading Up 2.2%

NYSE NEM opened at $97.94 on Tuesday. The firm’s fifty day moving average price is $118.14 and its 200 day moving average price is $99.90. Newmont Corporation has a 12 month low of $42.93 and a 12 month high of $134.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The company has a market capitalization of $106.55 billion, a price-to-earnings ratio of 15.33, a price-to-earnings-growth ratio of 0.74 and a beta of 0.39.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. During the same period in the previous year, the company earned $1.40 earnings per share. Newmont’s quarterly revenue was up 20.6% compared to the same quarter last year. On average, sell-side analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, March 3rd. This is an increase from Newmont’s previous quarterly dividend of $0.25. Newmont’s dividend payout ratio (DPR) is presently 16.28%.

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.