ING Groep NV Has $15.57 Million Stock Position in Newmont Corporation (NYSE:NEM)

Key Points

• ING Groep NV has reduced its stake in Newmont Corporation by 13.4%, selling 49,925 shares during the first quarter and retaining 322,487 shares valued at approximately $15.57 million.
• Analysts have increased their price targets for Newmont, with UBS raising it from $60.00 to $68.00, and the consensus price target now stands at $64.58.
• Newmont has declared a quarterly dividend of $0.25 per share, resulting in an annualized yield of 1.5%, with payment scheduled for September 29th.

ING Groep NV cut its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 13.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 322,487 shares of the basic materials company's stock after selling 49,925 shares during the quarter. ING Groep NV's holdings in Newmont were worth $15,570,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of NEM. SOA Wealth Advisors LLC. raised its holdings in shares of 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 acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC acquired a new position in shares of Newmont in the first quarter worth $26,000. Private Trust Co. NA raised its holdings in shares of 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 acquiring an additional 347 shares during the last quarter. Nexus Investment Management ULC acquired a new position in shares of Newmont in the first quarter worth $31,000. Finally, Alpine Bank Wealth Management acquired a new position in shares of Newmont in the first quarter worth $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction on Friday, August 1st. The shares were 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 in the company, valued at approximately $2,611,715.16. The trade was a 4.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,231 shares of company stock valued at $896,091 in the last quarter. Corporate insiders own 0.05% of the company's stock.

Newmont Price Performance

Shares of NEM traded up $0.74 on Wednesday, hitting $67.98. The company's stock had a trading volume of 9,550,582 shares, compared to its average volume of 12,902,739. The company has a market capitalization of $74.67 billion, a PE ratio of 12.20, a PEG ratio of 0.82 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $68.44. The company has a 50 day moving average price of $58.62 and a 200 day moving average price of $51.69.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. During the same quarter in the previous year, the company posted $0.72 EPS. Newmont's revenue was up 20.8% on a year-over-year basis. On average, research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. Newmont's payout ratio is presently 17.95%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NEM. CIBC set a $74.00 price target on Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Argus set a $63.00 target price on Newmont in a research note on Friday, April 25th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research note on Tuesday, July 8th. Scotiabank upped their target price on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. Finally, National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

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.