Cohen & Steers Inc. Has $24.05 Million Stake in Newmont Corporation $NEM

Key Points

• Cohen & Steers Inc. cut its Newmont stake by 14.9% in the fourth quarter, but still held 240,830 shares valued at about $24.05 million.
• Insider selling continued at Newmont, with EVP Peter Toth and CEO Natascha Viljoen both selling shares in early June; insiders have sold about $5.49 million worth of stock over the last 90 days.
• Analysts remain constructive on Newmont overall, with a consensus rating of Moderate Buy and an average price target of $142.26, while the company also recently reported stronger-than-expected earnings and revenue.

Cohen & Steers Inc. lowered its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 14.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 240,830 shares of the basic materials company's stock after selling 42,173 shares during the period. Cohen & Steers Inc.'s holdings in Newmont were worth $24,047,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. CWM LLC increased its stake in shares of Newmont by 64.6% in the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock valued at $20,259,000 after purchasing an additional 79,617 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Newmont by 24.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock worth $30,775,000 after acquiring an additional 54,530 shares during the last quarter. AustralianSuper Pty Ltd grew its position in shares of Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock valued at $27,843,000 after buying an additional 183,360 shares during the last quarter. Waverton Investment Management Ltd grew its position in shares of Newmont by 3.4% in the 3rd quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company's stock valued at $59,365,000 after buying an additional 23,139 shares during the last quarter. Finally, Leonteq Securities AG bought a new stake in shares of Newmont in the 4th quarter valued at about $9,018,000. Institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares of the company's stock, valued at approximately $4,877,895.80. The trade was a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the sale, the chief executive officer directly owned 142,999 shares of the company's stock, valued at $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,950 shares of company stock valued at $5,494,288 in the last ninety days. Corporate insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NEM. Canadian Imperial Bank of Commerce set a $175.00 target price on Newmont and gave the company an "outperform" rating in a research report on Monday, June 1st. Jefferies Financial Group increased their price target on Newmont from $154.00 to $158.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Canaccord Genuity Group raised their target price on Newmont from $150.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Barclays started coverage on Newmont in a report on Thursday, May 21st. They set an "overweight" rating and a $133.00 price target on the stock. Finally, TD boosted their price objective on Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $142.26.

Newmont Trading Up 2.6%

NYSE NEM opened at $100.10 on Friday. The stock has a market cap of $106.86 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The stock has a 50 day simple moving average of $110.94 and a two-hundred day simple moving average of $109.98. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 EPS. On average, analysts forecast that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. Newmont's payout ratio is presently 13.49%.

About Newmont

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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