Barings LLC Sells 19,719 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• Barings LLC reduced its stake in Newmont Corporation by 27.1%, selling 19,719 shares, and now holds 53,005 shares valued at approximately $2.56 million.
• Newmont reported an EPS of $1.43 for the latest quarter, significantly surpassing analysts' expectations of $0.95, and experienced a 20.8% year-over-year revenue increase to $5.32 billion.
• The company will distribute a quarterly dividend of $0.25 per share, translating to an annualized dividend yield of 1.6%, with the payment scheduled for September 29th.

Barings LLC trimmed its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 27.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,005 shares of the basic materials company's stock after selling 19,719 shares during the quarter. Barings LLC's holdings in Newmont were worth $2,559,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Ipswich Investment Management Co. Inc. lifted its position in shares of Newmont by 1.4% during the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock worth $689,000 after purchasing an additional 200 shares during the last quarter. SOA Wealth Advisors LLC. lifted its position in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares during the last quarter. HighPoint Advisor Group LLC lifted its position in shares of Newmont by 3.8% during the fourth quarter. HighPoint Advisor Group LLC now owns 5,992 shares of the basic materials company's stock worth $223,000 after purchasing an additional 219 shares during the last quarter. Rothschild Investment LLC lifted its position in shares of Newmont by 8.5% during the first quarter. Rothschild Investment LLC now owns 2,786 shares of the basic materials company's stock worth $135,000 after purchasing an additional 219 shares during the last quarter. Finally, Twin Capital Management Inc. lifted its position in shares of Newmont by 0.7% during the first quarter. Twin Capital Management Inc. now owns 38,798 shares of the basic materials company's stock worth $1,873,000 after purchasing an additional 254 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Up 0.8%

NEM opened at $62.61 on Friday. The firm has a market cap of $68.77 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 0.76 and a beta of 0.30. 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 $66.57. The stock has a fifty day moving average price of $58.10 and a 200-day moving average price of $51.28.

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

Newmont Announces Dividend

The firm also recently announced 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 yield of 1.6%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio is currently 17.95%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NEM. Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 target price for the company. Raymond James Financial increased their price target on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Cfra Research raised Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Royal Bank Of Canada increased their price target on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Finally, UBS Group increased their price target on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

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.

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