Newmont Corporation $NEM Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Newmont position by 14.9%, selling 1.01 million shares and retaining 5.79 million shares valued at approximately $626.9 million. Institutional investors collectively own 68.85% of the company.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $132.83, although several firms recently lowered their targets. Recommendations include 2 Strong Buys, 18 Buys and 4 Holds.
• Newmont reported quarterly EPS of $2.10, beating estimates by $0.05, while revenue of $6.12 billion fell short of expectations. The company also declared a quarterly dividend of $0.26 per share, representing a 1.1% annualized yield.

Bank of America Corp DE reduced its position in Newmont Corporation (NYSE:NEM - Free Report) by 14.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,790,803 shares of the basic materials company's stock after selling 1,010,861 shares during the quarter. Bank of America Corp DE owned about 0.54% of Newmont worth $626,854,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. CWM LLC boosted its holdings in Newmont by 64.6% in 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 last quarter. Leonteq Securities AG purchased a new position in Newmont in the fourth quarter worth approximately $9,018,000. ARS Investment Partners LLC grew its position in Newmont by 3.6% in the fourth 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 period. Ritholtz Wealth Management raised its position in Newmont by 67.0% in the fourth quarter. Ritholtz Wealth Management now owns 40,754 shares of the basic materials company's stock valued at $4,069,000 after purchasing an additional 16,352 shares during the period. Finally, Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Newmont in the 4th quarter valued at $7,684,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NEM shares. National Bank Financial cut their price objective on Newmont from $140.00 to $125.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. Citigroup lowered their target price on shares of Newmont from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Monday, July 20th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and set a $168.00 price target on shares of Newmont in a research report on Tuesday. BNP Paribas Exane reduced their price target on shares of Newmont from $111.00 to $102.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 21st. Finally, Canaccord Genuity Group decreased their price objective on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $132.83.

Insider Buying and Selling

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the firm'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 $408,852.24. Following the completion of the transaction, the chief executive officer owned 142,999 shares of the company's stock, valued at $15,060,654.68. This trade represents a 2.64% decrease in their position. The sale was disclosed in a 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 business's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $92.38, for a total transaction 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. This trade represents a 6.48% 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 9,882 shares of company stock valued at $1,001,952 in the last 90 days. Company insiders own 0.06% of the company's stock.

Newmont Stock Performance

Shares of Newmont stock opened at $93.70 on Friday. The business has a 50-day moving average of $98.48 and a 200 day moving average of $109.45. Newmont Corporation has a 12 month low of $61.76 and a 12 month high of $134.88. The stock has a market capitalization of $98.73 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.05 and a beta of 0.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same period in the previous year, the company posted $1.43 EPS. As a group, sell-side analysts forecast that Newmont Corporation will post 8.99 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont's payout ratio is 13.13%.

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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