Bank of America Corp DE Lowers Position in Newmont Corporation $NEM

Key Points

• Bank of America reduced its Newmont stake by 8.2% in the second quarter, selling 472,577 shares and retaining approximately 5.32 million shares valued at $496.7 million. Institutional investors collectively own 68.85% of NEM.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $132.11. Newmont recently beat quarterly EPS estimates, reporting $2.10 versus the expected $2.05, though revenue fell short of forecasts.
• Newmont announced a quarterly dividend of $0.26 per share, equivalent to $1.04 annually and a 0.8% yield. Two executives recently sold shares, while insider ownership remains minimal at 0.06%.

Bank of America Corp DE lessened its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 8.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,318,226 shares of the basic materials company's stock after selling 472,577 shares during the quarter. Bank of America Corp DE owned about 0.50% of Newmont worth $496,722,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in NEM. BlackRock Inc. purchased a new stake in shares of Newmont in the second quarter worth approximately $11,289,753,000. State Street Corp lifted its holdings in Newmont by 1.0% during the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company's stock worth $4,988,491,000 after buying an additional 480,223 shares during the period. Van ECK Associates Corp lifted its stake in shares of Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock worth $2,973,539,000 after purchasing an additional 5,643,496 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 valued at $2,738,756,000 after buying an additional 946,824 shares in the last quarter. Finally, Norges Bank acquired a new stake in Newmont in the fourth quarter valued at approximately $1,443,128,000. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on NEM shares. TD Securities raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Royal Bank Of Canada dropped their price objective on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. UBS Group reduced their price target on Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Bank of America decreased their price objective on shares of Newmont from $157.00 to $132.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Finally, TD lifted their price target on Newmont from $127.00 to $133.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $132.11.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $369,000.00. Following the sale, the executive vice president directly owned 37,315 shares in the company, valued at $4,589,745. The trade was a 7.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 32,091 shares of company stock valued at $3,414,187. 0.06% of the stock is owned by insiders.

Newmont Stock Performance

NYSE:NEM opened at $124.08 on Wednesday. The company has a fifty day simple moving average of $111.50 and a two-hundred day simple moving average of $109.73. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 52 week low of $76.05 and a 52 week high of $135.29. The company has a market cap of $130.74 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 1.73 and a beta of 0.52.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period last year, the business earned $1.43 EPS. As a group, equities analysts anticipate that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont's payout ratio is presently 13.13%.

About Newmont

Newmont Corporation NYSE: NEM is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

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