Corebridge Financial Inc. Trims Stock Position in Newmont Corporation $NEM

Key Points

• Corebridge Financial Inc. reduced its stake in Newmont Corporation by 3.3% in the first quarter, holding 275,225 shares valued at approximately $13.3 million.
• Institutional investors collectively own 68.85% of Newmont's shares, with several firms, including Bank of New York Mellon Corp and Northern Trust Corp, increasing their positions significantly in the same period.
• Newmont announced a quarterly dividend of $0.25 per share, reflecting an annualized dividend yield of 1.4%, and has seen its share price increase by 2.0% recently.

Corebridge Financial Inc. lessened its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 3.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 275,225 shares of the basic materials company's stock after selling 9,366 shares during the quarter. Corebridge Financial Inc.'s holdings in Newmont were worth $13,288,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NEM. Bank of New York Mellon Corp raised its position in Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock valued at $773,159,000 after purchasing an additional 1,306,783 shares during the last quarter. Northern Trust Corp raised its position in Newmont by 1.5% in the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock valued at $624,458,000 after purchasing an additional 191,940 shares during the last quarter. Invesco Ltd. raised its position in Newmont by 2.2% in the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after purchasing an additional 228,116 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Newmont by 16.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after purchasing an additional 1,331,278 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Newmont by 15.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company's stock valued at $423,572,000 after purchasing an additional 1,201,237 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Up 2.0%

Shares of Newmont stock opened at $72.49 on Wednesday. The company has a market cap of $79.63 billion, a P/E ratio of 13.01, a PEG ratio of 0.84 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. Newmont Corporation has a one year low of $36.86 and a one year high of $72.79. The firm has a fifty day moving average of $63.00 and a two-hundred day moving average of $54.46.

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, topping analysts' consensus estimates of $0.95 by $0.48. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 EPS. On average, analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Newmont's dividend payout ratio is 17.95%.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction 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 trade represents 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 22,246 shares of company stock valued at $1,373,251 in the last ninety days. 0.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on NEM. CIBC set a $74.00 price target on shares of Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 price target on shares of Newmont in a research report on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target for the company. Scotiabank upped their price objective on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Finally, Raymond James Financial upped their price objective on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Four investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Profile

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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