K.J. Harrison & Partners Inc Sells 34,000 Shares of Newmont Corporation $NEM

Key Points

• K.J. Harrison & Partners Inc cut its Newmont position by 35.9% in Q1, selling 34,000 shares and leaving it with 60,795 shares worth about $6.58 million.
• Wall Street remains broadly positive on Newmont, with a consensus rating of “Moderate Buy” and an average price target of $139.35, even as several analysts trimmed their targets.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus estimates of $2.07 and revenue of $7.31 billion, while also paying a $0.26 quarterly dividend.

K.J. Harrison & Partners Inc reduced its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 35.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 60,795 shares of the basic materials company's stock after selling 34,000 shares during the period. Newmont comprises 1.1% of K.J. Harrison & Partners Inc's portfolio, making the stock its 21st biggest position. K.J. Harrison & Partners Inc's holdings in Newmont were worth $6,581,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of NEM. GoalVest Advisory LLC bought a new position in shares of Newmont in the fourth quarter worth about $25,000. Pinnacle Bancorp Inc. bought a new stake in Newmont during the 1st quarter valued at about $25,000. Swiss RE Ltd. bought a new stake in Newmont during the 4th quarter valued at about $26,000. Cornerstone Planning Group LLC boosted its position in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after buying an additional 206 shares during the period. Finally, JPL Wealth Management LLC bought a new position in Newmont in the 3rd quarter worth about $27,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group reduced their target price on shares of Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Royal Bank Of Canada dropped their price objective on Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 3rd. Raymond James Financial reduced their price objective on Newmont from $139.00 to $137.00 and set an "outperform" rating on the stock in a report on Tuesday, June 30th. Jefferies Financial Group upped their target price on Newmont from $154.00 to $158.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Finally, Argus increased their price target on Newmont from $94.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $139.35.

Newmont Stock Down 0.1%

Shares of Newmont stock opened at $96.95 on Friday. The company has a market cap of $103.50 billion, a P/E ratio of 12.57, a PEG ratio of 1.61 and a beta of 0.46. Newmont Corporation has a 52-week low of $55.37 and a 52-week high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The firm's 50 day moving average price is $106.12 and its 200-day moving average price is $110.78.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same period in the prior year, the firm posted $1.25 earnings per share. The business's quarterly revenue was up 45.8% on a year-over-year basis. On average, sell-side analysts predict that Newmont Corporation will post 9.87 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, May 27th. Newmont's payout ratio is presently 13.49%.

Insider Activity at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer owned 142,999 shares in the company, valued at $15,060,654.68. This trade represents a 2.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares in the company, valued at approximately $4,877,895.80. This represents a 6.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,556 shares of company stock valued at $2,781,006 over the last three months. 0.06% of the stock is owned by corporate insiders.

Newmont Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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