National Pension Service Sells 957,404 Shares of Newmont Corporation $NEM

Key Points

• National Pension Service reduced its Newmont stake by 22% in the fourth quarter, selling 957,404 shares and leaving it with 3,396,860 shares valued at about $339.2 million.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus the $2.07 consensus and revenue of $7.31 billion, up 45.8% from a year earlier.
• The company also announced a quarterly dividend of $0.26 per share, payable June 22, representing an annualized yield of about 1.0%.

National Pension Service lowered its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 22.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,396,860 shares of the basic materials company's stock after selling 957,404 shares during the period. National Pension Service owned approximately 0.31% of Newmont worth $339,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Newmont by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock worth $13,390,613,000 after buying an additional 637,996 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Newmont by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock worth $2,738,756,000 after purchasing an additional 946,824 shares during the period. Legal & General Group Plc raised its position in shares of Newmont by 9.6% during the third quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company's stock worth $687,223,000 after purchasing an additional 711,940 shares during the period. Boston Partners raised its position in shares of Newmont by 49.3% during the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after purchasing an additional 2,288,653 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Newmont by 16.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 4,996,775 shares of the basic materials company's stock worth $498,928,000 after purchasing an additional 692,560 shares during the period. Institutional investors own 68.85% of the company's stock.

Newmont Stock Up 1.0%

Shares of Newmont stock opened at $108.32 on Friday. The business's 50 day simple moving average is $110.82 and its 200 day simple moving average is $108.95. Newmont Corporation has a 52-week low of $51.80 and a 52-week high of $134.88. The firm has a market cap of $115.64 billion, a PE ratio of 14.05 and a beta of 0.43. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $6.83 billion. During the same quarter last year, the firm earned $1.25 EPS. Newmont's revenue for the quarter was up 45.8% compared to the same quarter last year. On average, analysts predict that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is currently 13.49%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NEM. Canaccord Genuity Group raised their price target on Newmont from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Weiss Ratings lowered Newmont from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a research report on Monday, April 27th. TD Securities reaffirmed a "hold" rating and set a $129.00 price target on shares of Newmont in a research report on Monday, April 27th. Finally, BNP Paribas Exane raised their price target on Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $141.53.

Insider Transactions at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the sale, the executive vice president owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $330,330.00. Following the completion of the sale, the executive vice president directly owned 49,315 shares in the company, valued at approximately $5,430,074.65. This represents a 5.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 43,068 shares of company stock worth $4,769,475 in the last 90 days. 0.06% of the stock is owned by corporate insiders.

About Newmont

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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