Newmont Corporation (NYSE:NEM) Shares Sold by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp reduced its stake in Newmont Corporation by 26.5%, holding 251,000 shares valued at approximately $12.12 million after selling 90,601 shares in the first quarter.
• Newmont recently reported an earnings per share (EPS) of $1.43 for the quarter, significantly beating expectations of $0.95, alongside a revenue increase to $5.32 billion.
• The company declared a quarterly dividend of $0.25, set to be paid on September 29, which represents an annualized dividend yield of 1.6%.

Alberta Investment Management Corp trimmed its position in Newmont Corporation (NYSE:NEM - Free Report) by 26.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 251,000 shares of the basic materials company's stock after selling 90,601 shares during the period. Alberta Investment Management Corp's holdings in Newmont were worth $12,118,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC grew its position in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after acquiring an additional 1,847 shares during the period. CIBC Private Wealth Group LLC grew its position in Newmont by 13.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 6,792 shares of the basic materials company's stock worth $266,000 after acquiring an additional 783 shares during the period. Wellington Management Group LLP grew its position in Newmont by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 181,110 shares of the basic materials company's stock worth $6,741,000 after acquiring an additional 2,877 shares during the period. HighPoint Advisor Group LLC grew its position in Newmont by 3.8% in the fourth quarter. HighPoint Advisor Group LLC now owns 5,992 shares of the basic materials company's stock worth $223,000 after acquiring an additional 219 shares during the period. Finally, Systematic Alpha Investments LLC purchased a new position in Newmont in the fourth quarter worth approximately $330,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the transaction, the director owned 43,103 shares of the company's stock, valued at $2,532,301.25. The trade was a 4.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president directly owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,154 shares of company stock worth $572,889. 0.05% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on NEM. The Goldman Sachs Group restated a "neutral" rating and set a $60.90 price target on shares of Newmont in a research note on Tuesday, July 8th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Scotiabank upped their price objective on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Finally, National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $64.58.

Newmont Stock Performance

Shares of NEM traded up $2.83 during mid-day trading on Monday, hitting $65.42. 9,763,123 shares of the company's stock were exchanged, compared to its average volume of 13,063,871. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $66.57. The firm has a market capitalization of $71.86 billion, a P/E ratio of 11.75, a P/E/G ratio of 0.76 and a beta of 0.30. The business's 50 day moving average is $58.10 and its two-hundred day moving average is $51.42. 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 (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The firm's revenue was up 20.8% compared to the same quarter last year. On average, equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

About Newmont

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.