Newmont Corporation $NEM Shares Sold by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board reduced its stake in Newmont Corporation by 23.6%, now owning approximately $72.5 million in shares after selling 463,967 shares in Q1.
• Newmont reported an EPS of $1.43 for the last quarter, significantly surpassing analysts' expectations of $0.95, alongside a revenue of $5.32 billion compared to the forecast of $4.70 billion.
• The company announced a quarterly dividend of $0.25 per share, equating to an annual yield of 1.3%, with a payout ratio currently at 17.95%.

Canada Pension Plan Investment Board cut its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 23.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,502,173 shares of the basic materials company's stock after selling 463,967 shares during the quarter. Canada Pension Plan Investment Board owned 0.13% of Newmont worth $72,525,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of NEM. Brighton Jones LLC raised its position in Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after buying an additional 1,847 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Newmont by 9.9% during the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after purchasing an additional 8,678 shares in the last quarter. Lido Advisors LLC increased its holdings in shares of Newmont by 17.8% during the 4th quarter. Lido Advisors LLC now owns 9,821 shares of the basic materials company's stock valued at $366,000 after purchasing an additional 1,481 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of Newmont during the 4th quarter valued at approximately $316,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Newmont by 8.1% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 205,247 shares of the basic materials company's stock valued at $7,639,000 after purchasing an additional 15,295 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

NEM traded down $0.43 on Wednesday, hitting $75.43. 6,835,439 shares of the company's stock were exchanged, compared to its average volume of 11,697,505. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $76.52. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $64.56 and a 200-day moving average price of $55.41. The stock has a market cap of $82.86 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 0.88 and a beta of 0.34.

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

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is 17.95%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NEM. CIBC set a $74.00 target price on shares of Newmont and gave the company a "neutral" rating in a report on Tuesday, July 15th. Raymond James Financial lifted their target price on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $60.90 target price on shares of Newmont in a report on Tuesday, July 8th. Finally, Stifel Nicolaus assumed coverage on shares of Newmont in a research note on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.15.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction 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. The trade was a 4.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,169 shares of company stock valued at $1,098,636 in the last 90 days. 0.05% of the stock is owned by insiders.

Newmont Profile

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.