Adage Capital Partners GP L.L.C. Sells 134,700 Shares of Newmont Corporation $NEM

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Newmont Corporation by 12.7%, selling 134,700 shares, and now owns 929,000 shares valued at approximately $44.85 million.
• Newmont's quarterly earnings report showed an EPS of $1.43, significantly exceeding the consensus estimate of $0.95, alongside a revenue of $5.32 billion.
• The company has recently declared a quarterly dividend of $0.25 per share, contributing to an annualized dividend yield of 1.3% and a payout ratio of 17.95%.

Adage Capital Partners GP L.L.C. trimmed its position in Newmont Corporation (NYSE:NEM - Free Report) by 12.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 929,000 shares of the basic materials company's stock after selling 134,700 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.08% of Newmont worth $44,852,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bessemer Group Inc. lifted its position in shares of Newmont by 13.2% in the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after acquiring an additional 1,379 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Newmont during the first quarter worth approximately $423,000. Spire Wealth Management increased its holdings in Newmont by 125.0% during the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 1,309 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Newmont in the 1st quarter valued at $202,000. Finally, Two Sigma Investments LP grew its stake in shares of Newmont by 51.9% during the fourth quarter. Two Sigma Investments LP now owns 1,808,687 shares of the basic materials company's stock worth $67,319,000 after purchasing an additional 618,366 shares during the period. Institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NEM. Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. Royal Bank Of Canada raised their price objective on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Finally, Scotiabank boosted their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $65.15.

Newmont Stock Down 0.4%

NEM traded down $0.33 during trading on Monday, hitting $75.84. 10,078,937 shares of the company's stock traded hands, compared to its average volume of 11,652,551. The company's 50 day simple moving average is $65.61 and its two-hundred day simple moving average is $56.06. The stock has a market capitalization of $83.30 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.92 and a beta of 0.33. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $77.30.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the prior year, the business posted $0.72 EPS. Newmont's revenue for the quarter was up 20.8% compared to the same quarter last year. Analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock worth $1,253,559 in the last 90 days. Insiders own 0.05% of the company's stock.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.