Newmont Corporation $NEM Shares Sold by Glenmede Trust Co. NA

Key Points

• Glenmede Trust reduced its Newmont stake by 16.7% in the first quarter, selling 25,557 shares and retaining 127,158 shares valued at approximately $13.8 million. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, ahead of the $2.05 consensus, while revenue of $6.12 billion came in below estimates. The company declared a quarterly dividend of $0.26, equivalent to a 1.1% annual yield.
• Despite the stock trading at $93.70, analysts maintain a “Moderate Buy” consensus with an average price target of $132.83; several firms recently lowered targets but retained Buy or Outperform ratings.

Glenmede Trust Co. NA lowered its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 16.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 127,158 shares of the basic materials company's stock after selling 25,557 shares during the quarter. Glenmede Trust Co. NA's holdings in Newmont were worth $13,765,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Pinnacle Bancorp Inc. acquired a new position in Newmont in the first quarter valued at about $25,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont during the first quarter valued at about $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont in the 4th quarter valued at approximately $26,000. Cornerstone Planning Group LLC boosted its position in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after purchasing an additional 206 shares during the period. Finally, JPL Wealth Management LLC acquired a new stake in Newmont in the 3rd quarter valued at approximately $27,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Down 0.0%

NYSE:NEM opened at $93.70 on Monday. The stock has a 50-day simple moving average of $98.48 and a 200-day simple moving average of $109.43. The stock has a market cap of $98.73 billion, a P/E ratio of 11.83, a P/E/G ratio of 1.05 and a beta of 0.47. Newmont Corporation has a 1 year low of $61.76 and a 1 year high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55.

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

Newmont Dividend Announcement

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

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Wednesday, July 1st. The shares were 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 in the company, valued at approximately $4,001,439.70. This represents a 6.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. This trade represents a 2.64% 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. Insiders sold 9,882 shares of company stock worth $1,001,952 over the last quarter. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NEM has been the subject of a number of research reports. Jefferies Financial Group dropped their price objective on Newmont from $158.00 to $146.00 and set a "buy" rating for the company in a research note on Monday, July 6th. Bank of America reduced their target price on shares of Newmont from $157.00 to $132.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $168.00 price objective on shares of Newmont in a research note on Tuesday, July 28th. Canaccord Genuity Group decreased their price objective on Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada reduced their target price on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Two 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $132.83.

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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