Gulf International Bank UK Ltd Sells 24,128 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Newmont Corporation by 26.8%, selling 24,128 shares and bringing its total to 66,039 shares valued at approximately $3.19 million.
• Multiple institutional investors have shifted their positions in Newmont, with Bessemer Group Inc. increasing its stake by 13.2%, while Spire Wealth Management raised its holdings by an impressive 125.0%.
• Newmont announced a quarterly dividend of $0.25 per share to be paid on September 29th, representing an annualized dividend yield of 1.5% and a payout ratio of 17.95%.

Gulf International Bank UK Ltd lowered its position in Newmont Corporation (NYSE:NEM - Free Report) by 26.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,039 shares of the basic materials company's stock after selling 24,128 shares during the quarter. Gulf International Bank UK Ltd's holdings in Newmont were worth $3,188,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Bessemer Group Inc. raised its holdings in shares of Newmont by 13.2% in the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock valued at $569,000 after purchasing an additional 1,379 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Newmont by 9.9% in the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after purchasing an additional 8,678 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Newmont in the 1st quarter valued at about $423,000. Spire Wealth Management raised its holdings in shares of Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 1,309 shares in the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Newmont in the 1st quarter valued at about $202,000. Institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

NEM has been the subject of several recent research reports. BMO Capital Markets restated an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. Argus set a $63.00 price target on shares of Newmont in a report on Friday, April 25th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Cfra Research upgraded shares of Newmont to a "strong-buy" rating in a report on Friday, April 25th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $60.90 price target on shares of Newmont in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.58.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, August 1st. The stock was 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. The trade was a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,246 shares of company stock valued at $1,373,251 over the last quarter. 0.05% of the stock is currently owned by company insiders.

Newmont Stock Performance

NEM opened at $68.61 on Thursday. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $70.29. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The company has a market cap of $75.36 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The firm's 50-day moving average price is $60.38 and its 200-day moving average price is $52.73.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results 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. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. The company's revenue was up 20.8% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

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 issued 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 1.5%. Newmont's payout ratio is 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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