Newmont Corporation (NYSE:NEM) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has reduced its holdings in Newmont Corporation by 30.3%, selling 121,975 shares and bringing its total shares to 280,695, valued at approximately $13.55 million.
• Newmont reported earnings of $1.43 per share for the latest quarter, exceeding consensus estimates by $0.48, with year-over-year revenue growth of 20.8%.
• The company has recently announced a quarterly dividend of $0.25 per share, reflecting an annual yield of 1.6% and a payout ratio of 17.95%.

Federated Hermes Inc. decreased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 30.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 280,695 shares of the basic materials company's stock after selling 121,975 shares during the period. Federated Hermes Inc.'s holdings in Newmont were worth $13,552,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in NEM. SOA Wealth Advisors LLC. lifted its stake in Newmont by 64.0% in 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. Cloud Capital Management LLC bought a new stake in Newmont in the first quarter worth about $26,000. Private Trust Co. NA lifted its stake in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the last quarter. Nexus Investment Management ULC bought a new stake in Newmont in the first quarter worth about $31,000. Finally, Alpine Bank Wealth Management bought a new stake in Newmont in the first quarter worth about $32,000. Institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on NEM shares. Cfra Research raised shares of Newmont to a "strong-buy" rating in a research note on Friday, April 25th. CIBC set a $74.00 target price on shares of Newmont and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. Argus set a $63.00 target price on shares of Newmont in a research report on Friday, April 25th. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $64.58.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $176,250.00. Following the completion of the sale, the executive vice president directly owned 74,526 shares in the company, valued at approximately $4,378,402.50. The trade was a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the sale, the director owned 43,103 shares of the company's stock, valued at $2,532,301.25. The trade was a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,154 shares of company stock valued at $572,889 over the last quarter. Insiders own 0.05% of the company's stock.

Newmont Stock Up 4.5%

NEM traded up $2.83 during trading on Monday, hitting $65.42. The stock had a trading volume of 9,763,123 shares, compared to its average volume of 13,063,871. The company has a market capitalization of $71.86 billion, a PE ratio of 11.75, a PEG ratio of 0.76 and a beta of 0.30. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $66.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock has a 50 day simple moving average of $58.10 and a two-hundred day simple moving average of $51.42.

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 for the quarter, beating the consensus estimate 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 revenue was up 20.8% compared to the same quarter last year. During the same period last year, the firm earned $0.72 earnings per share. On average, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed 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. 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 presently 17.95%.

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.