Newmont Corporation $NEM Shares Sold by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB cut its Newmont stake by 14.6% in the first quarter, selling 111,302 shares and leaving it with 649,774 shares worth about $70.3 million.
• Several Wall Street analysts remain constructive on Newmont, with an average rating of “Moderate Buy” and an average price target of $137.64, even as some firms trimmed targets.
• Newmont recently posted strong quarterly results, beating EPS expectations with $2.90 per share on revenue of $7.31 billion, while also paying a quarterly dividend of $0.26 per share.

AMF Tjanstepension AB reduced its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 14.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 649,774 shares of the basic materials company's stock after selling 111,302 shares during the quarter. AMF Tjanstepension AB owned approximately 0.06% of Newmont worth $70,338,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC raised its stake in shares of Newmont by 64.6% during the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock valued at $20,259,000 after purchasing an additional 79,617 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Newmont by 24.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock valued at $30,775,000 after acquiring an additional 54,530 shares during the last quarter. Leonteq Securities AG purchased a new position in shares of Newmont during the 4th quarter valued at about $9,018,000. ARS Investment Partners LLC lifted its holdings in shares of Newmont by 3.6% in the 4th quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company's stock worth $69,602,000 after acquiring an additional 23,900 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its stake in shares of Newmont by 67.0% in the 4th quarter. Ritholtz Wealth Management now owns 40,754 shares of the basic materials company's stock valued at $4,069,000 after acquiring an additional 16,352 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NEM has been the topic of several recent analyst reports. National Bank Financial raised their target price on Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a research note on Friday, April 24th. Raymond James Financial decreased their target price on shares of Newmont from $139.00 to $137.00 and set an "outperform" rating for the company in a report on Tuesday, June 30th. UBS Group reduced their price target on shares of Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Zacks Research upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 15th. Finally, Royal Bank Of Canada lowered their price target on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $137.64.

Insiders Place Their Bets

In other news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $92.38, for a total value of $277,140.00. Following the completion of the transaction, the executive vice president owned 43,315 shares of the company's stock, valued at approximately $4,001,439.70. The trade was a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 28,556 shares of company stock worth $3,058,146. 0.06% of the stock is currently owned by company insiders.

Newmont Trading Up 0.0%

Shares of NEM opened at $95.30 on Monday. Newmont Corporation has a 1-year low of $55.37 and a 1-year high of $134.88. The firm has a market capitalization of $101.74 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.08 and a beta of 0.46. The company has a 50-day moving average of $104.35 and a 200 day moving average of $110.68. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $6.83 billion. During the same period in the prior year, the business earned $1.25 EPS. The business's revenue for the quarter was up 45.8% compared to the same quarter last year. On average, research analysts expect that Newmont Corporation will post 9.32 EPS for the current year.

Newmont Dividend Announcement

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

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont welcomed the Government of Canada’s CA$500 million funding commitment for the Red Chris Block Cave project, a move that improves the economics of a key copper-gold development and could extend the mine’s life. Newmont (NEM) Welcomes Canada Funding for Red Chris
• Positive Sentiment: UBS and Macquarie both reiterated Buy ratings on Newmont, while Bank of America also kept a Buy rating even after cutting its price target to $132, signaling analysts still see upside from current levels. UBS Keeps Their Buy Rating on Newmont Corporation CHESS (NEM)
• Positive Sentiment: Articles highlighting Newmont as undervalued and benefiting from a rebound in gold prices suggest investor interest is rising as the precious-metals trade improves. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
• Positive Sentiment: Recent trading has shown Newmont outperforming the broader market, with coverage citing renewed momentum in the stock and in gold-related names. Newmont Corporation (NEM) Outperforms Broader Market: What You Need to Know
• Neutral Sentiment: One valuation piece said Newmont looks close to fair value around the low-$90s, which may limit near-term enthusiasm even though it doesn’t signal a major downside concern. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
• Negative Sentiment: Despite the recent bounce, Newmont has still been under pressure over the past few months, and Bank of America’s price-target cut reflects some caution about the stock’s longer-term upside. Bank of America price target update on Newmont

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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