Citizens Financial Group Inc. RI Reduces Stock Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• Citizens Financial Group Inc. RI significantly reduced its stake in Newmont Corporation by 86.5%, now holding only 17,121 shares valued at approximately $827,000.
• Newmont's latest quarter saw earnings of $1.43 per share, exceeding analysts' expectations of $0.95, with a year-over-year revenue increase of 20.8% to $5.32 billion.
• The company announced a quarterly dividend of $0.25 per share, set to be paid on September 29th, reflecting an annualized dividend yield of 1.5%.

Citizens Financial Group Inc. RI cut its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 86.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,121 shares of the basic materials company's stock after selling 109,853 shares during the period. Citizens Financial Group Inc. RI's holdings in Newmont were worth $827,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. grew its stake in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of Newmont in the 1st quarter worth $26,000. Private Trust Co. NA grew its stake in shares of Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after buying an additional 347 shares in the last quarter. Nexus Investment Management ULC purchased a new position in shares of Newmont in the 1st quarter worth $31,000. Finally, TCTC Holdings LLC lifted its holdings in shares of Newmont by 123.1% in the 1st quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company's stock worth $32,000 after acquiring an additional 362 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Performance

Shares of NEM stock traded down $0.11 during trading hours on Friday, hitting $68.96. The company's stock had a trading volume of 9,068,992 shares, compared to its average volume of 12,932,138. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $59.58 and a 200 day moving average of $52.25. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $70.29. The stock has a market cap of $75.75 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30.

Newmont (NYSE:NEM - Get Free Report) last posted 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 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 analysts' expectations of $4.70 billion. During the same period in the previous year, the business posted $0.72 EPS. The business's revenue was up 20.8% compared to the same quarter last year. On average, sell-side analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

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

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the sale, the director owned 41,026 shares of the company's stock, valued at $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,246 shares of company stock worth $1,373,251 in the last three months. Company insiders own 0.05% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on NEM shares. UBS Group raised their target price on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. CIBC set a $74.00 price objective on shares of Newmont and gave the company a "neutral" rating in a report on Tuesday, July 15th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $60.90 price objective on shares of Newmont in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus 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.