Weiss Asset Management LP Sells 206,891 Shares of Newmont Corporation $NEM

Weiss Asset Management LP reduced its holdings in shares of Newmont Corporation (NYSE:NEM) by 97.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,337 shares of the basic materials company’s stock after selling 206,891 shares during the period. Weiss Asset Management LP’s holdings in Newmont were worth $469,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after buying an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Newmont in the 2nd quarter worth approximately $240,000. Cerity Partners LLC lifted its position in shares of Newmont by 108.9% during the 2nd quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after buying an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of Newmont by 8.5% during the 2nd quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after buying an additional 3,856 shares during the period. Institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $92.38, for a total value of $277,140.00. Following the completion of the transaction, the executive vice president directly owned 43,315 shares of the company’s stock, valued at $4,001,439.70. The trade was a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont 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 completion of the transaction, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 28,556 shares of company stock valued at $3,058,146. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on NEM shares. Jefferies Financial Group lowered their price target on Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Weiss Ratings lowered Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Bank of America cut their price objective on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. BNP Paribas Exane reduced their target price on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Finally, Canaccord Genuity Group lowered their target price on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a 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 issued a Hold rating to the company. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $132.83.

Newmont Stock Down 2.1%

Shares of NEM opened at $91.54 on Wednesday. The company has a market capitalization of $96.45 billion, a P/E ratio of 11.56, a PEG ratio of 1.11 and a beta of 0.46. Newmont Corporation has a one year low of $61.76 and a one year high of $134.88. The business’s 50 day simple moving average is $99.34 and its 200-day simple moving average is $109.76. 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 (NYSE:NEM) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same period last year, the firm posted $1.43 EPS. As a group, sell-side analysts predict that Newmont Corporation will post 8.92 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, September 3rd. Newmont’s dividend payout ratio is presently 13.13%.

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.