Newmont Corporation $NEM Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management cut its Newmont stake by 15.8% in Q1, though it still held 862,311 shares valued at about $93.3 million.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, well above expectations.
• The company also announced a quarterly dividend of $0.26 per share, payable June 22, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $140.98.

BI Asset Management Fondsmaeglerselskab A S trimmed its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 15.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 862,311 shares of the basic materials company's stock after selling 161,273 shares during the period. Newmont comprises approximately 1.0% of BI Asset Management Fondsmaeglerselskab A S's holdings, making the stock its 21st biggest holding. BI Asset Management Fondsmaeglerselskab A S owned 0.08% of Newmont worth $93,345,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Newmont by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock valued at $13,390,613,000 after buying an additional 637,996 shares in the last quarter. State Street Corp increased its position in Newmont by 1.0% during the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company's stock worth $4,988,491,000 after buying an additional 480,223 shares in the last quarter. Van ECK Associates Corp increased its position in Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock worth $2,973,539,000 after buying an additional 5,643,496 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Newmont by 3.6% in 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 acquiring an additional 946,824 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Newmont in the fourth quarter worth $1,443,128,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Newmont news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 Wexler sold 13,378 shares of Newmont stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares of the company's stock, valued at $7,472,615.15. This trade represents a 16.47% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 28,556 shares of company stock valued at $3,120,276 in the last quarter. Corporate insiders own 0.06% of the company's stock.

Newmont Trading Up 0.1%

Shares of Newmont stock opened at $103.86 on Friday. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The firm has a market cap of $110.88 billion, a PE ratio of 13.47, a P/E/G ratio of 1.72 and a beta of 0.42. The business's fifty day moving average is $110.02 and its two-hundred day moving average is $110.56. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business's revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 earnings per share. Analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

The firm 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 dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont's dividend payout ratio is 13.49%.

Trending Headlines about Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont received major regulatory approvals from British Columbia for its Red Chris Block Cave project, a key milestone that supports a transition from open-pit mining to block caving and extends the mine life into the mid-2040s. The approval improves visibility on future production and could support the stock by advancing Newmont toward a final investment decision later this year. Article Title
• Positive Sentiment: Newmont continues to be viewed as a core name in gold mining, and broader strength in gold/mining shares may be helping sentiment around the stock. This can provide support even when company-specific news is limited. Article Title
• Neutral Sentiment: BNP Paribas Exane lowered its price target on Newmont to $111 from $128 while keeping a neutral rating. That is still above the current share price, but the cut may temper near-term enthusiasm. Article Title
• Negative Sentiment: Reports say Newmont’s Cadia mine was halted after an earthquake, raising concerns about temporary production disruption. Any prolonged shutdown could weigh on output and sentiment until Newmont clarifies the impact. Article Title

Analysts Set New Price Targets

A number of analysts recently commented on the company. Citigroup increased their price objective on Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. Sanford C. Bernstein raised shares of Newmont from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $121.00 to $157.00 in a research note on Friday, February 27th. The Goldman Sachs Group reduced their target price on shares of Newmont from $125.10 to $122.50 and set a "buy" rating on the stock in a report on Thursday, June 4th. BMO Capital Markets raised their price target on shares of Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Finally, TD Securities reaffirmed a "hold" rating and set a $129.00 price target on shares of Newmont in a research note on Monday, April 27th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average target price of $140.98.

Newmont Company 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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