Generali Asset Management SPA SGR Sells 243,754 Shares of Newmont Corporation $NEM

Key Points

• Generali Asset Management SPA SGR has sold 243,754 shares of Newmont Corporation, reducing its stake by 23.3%, leaving it with a total of 803,639 shares.
• Newmont's quarterly dividend paid on September 29th was $0.25 per share, translating to an annualized dividend yield of 1.1%.
• Wall Street analysts have mixed ratings on Newmont, with four analysts rating it a Strong Buy and one assigning a Sell rating, while the average target price is set at $83.18.

Generali Asset Management SPA SGR reduced its stake in Newmont Corporation (NYSE:NEM - Free Report) by 23.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 803,639 shares of the basic materials company's stock after selling 243,754 shares during the period. Newmont comprises 1.1% of Generali Asset Management SPA SGR's investment portfolio, making the stock its 19th largest position. Generali Asset Management SPA SGR owned 0.07% of Newmont worth $46,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in NEM. Concord Wealth Partners boosted its position in Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after buying an additional 385 shares during the period. Cloud Capital Management LLC bought a new position in shares of Newmont during the first quarter valued at about $26,000. Colonial Trust Advisors boosted its holdings in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares during the period. Financial Management Professionals Inc. grew its stake in shares of Newmont by 274.1% in the second quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company's stock worth $35,000 after purchasing an additional 444 shares during the last quarter. Finally, ST Germain D J Co. Inc. increased its holdings in Newmont by 92.3% during the 2nd quarter. ST Germain D J Co. Inc. now owns 625 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the sale, the director directly owned 36,869 shares of the company's stock, valued at $3,133,496.31. The trade was a 5.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,249 shares of company stock worth $1,132,065. Insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NEM shares. BNP Paribas cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $66.00 to $95.00 in a report on Wednesday, September 10th. Scotiabank lifted their price target on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday, July 28th. BNP Paribas Exane upped their price objective on shares of Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Four analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $83.18.

Newmont Price Performance

NEM opened at $90.51 on Wednesday. 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 market cap of $99.42 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.99 and a beta of 0.34. The stock has a fifty day simple moving average of $77.71 and a two-hundred day simple moving average of $63.13. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $91.24.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion for 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%. The company's revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.72 EPS. Research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Newmont Company 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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