MetLife Investment Management LLC Has $14.28 Million Position in Newmont Corporation $NEM

Key Points

• MetLife Investment Management LLC reduced its stake in Newmont Corporation by 1.9%, holding 295,712 shares worth approximately $14.3 million after selling 5,634 shares in the first quarter.
• Various institutional investors are increasing their stakes in Newmont, with Hemington Wealth Management raising its position by 25.2% during the same period.
• Newmont has recently announced a quarterly dividend of $0.25 per share, representing an annualized amount of $1.00 and a dividend yield of 1.4%, payable on September 29th.

MetLife Investment Management LLC trimmed its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 1.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 295,712 shares of the basic materials company's stock after selling 5,634 shares during the period. MetLife Investment Management LLC's holdings in Newmont were worth $14,277,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bessemer Group Inc. boosted its holdings in shares of Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after purchasing an additional 1,379 shares during the last quarter. First Trust Advisors LP increased its position in shares of Newmont by 9.9% during the fourth quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock worth $3,575,000 after acquiring an additional 8,678 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Newmont during the first quarter worth about $423,000. Spire Wealth Management increased its position in shares of Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after acquiring an additional 1,309 shares during the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Newmont during the first quarter worth about $202,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. UBS Group lifted their price target on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Scotiabank lifted their price target on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday, July 28th. Stifel Canada raised Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, CIBC set a $74.00 price target on Newmont and gave the company a "neutral" rating in a report on Tuesday, July 15th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

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 stock was sold at an average price of $63.66, for a total value of $132,221.82. Following the transaction, the director owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. This represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction 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 completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,246 shares of company stock valued at $1,373,251. Corporate insiders own 0.05% of the company's stock.

Newmont Price Performance

NEM traded up $0.61 during trading on Thursday, reaching $73.00. The stock had a trading volume of 6,794,550 shares, compared to its average volume of 8,557,717. The firm has a market capitalization of $80.18 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $73.29. The stock has a 50 day moving average of $63.58 and a two-hundred day moving average of $54.77.

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

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. Newmont's dividend payout ratio is currently 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.