Newmont Corporation $NEM Shares Sold by OFI Invest Asset Management

Key Points

• OFI Invest Asset Management reduced its stake in Newmont Corporation by 41.6%, now owning 21,807 shares valued at approximately $1.27 million after selling 15,505 shares.
• Newmont reported a quarterly earnings per share (EPS) of $1.43, significantly above the consensus estimate of $0.95, with a year-over-year revenue increase of 20.8%.
• Institutional investors and hedge funds own 68.85% of Newmont's stock, reflecting significant interest in the company among larger investors.

OFI Invest Asset Management lessened its position in Newmont Corporation (NYSE:NEM - Free Report) by 41.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,807 shares of the basic materials company's stock after selling 15,505 shares during the period. OFI Invest Asset Management's holdings in Newmont were worth $1,270,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of NEM. Brighton Jones LLC raised its position in shares of Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after buying an additional 1,847 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Newmont by 22.2% in the first quarter. GAMMA Investing LLC now owns 21,146 shares of the basic materials company's stock valued at $1,021,000 after buying an additional 3,840 shares during the last quarter. Integrated Advisors Network LLC acquired a new position in shares of Newmont in the first quarter valued at approximately $339,000. CX Institutional raised its position in shares of Newmont by 28.7% in the first quarter. CX Institutional now owns 6,657 shares of the basic materials company's stock valued at $321,000 after buying an additional 1,483 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Newmont by 13.6% in the first quarter. Fifth Third Bancorp now owns 38,414 shares of the basic materials company's stock valued at $1,855,000 after buying an additional 4,605 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. CIBC set a $112.00 price objective on shares of Newmont and gave the company an "outperformer" rating in a research report on Friday. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Scotiabank upped their price target on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Cibc World Mkts raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday. Finally, Raymond James Financial set a $96.00 price target on shares of Newmont in a research report on Friday. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and a consensus target price of $83.18.

Newmont Price Performance

NEM opened at $85.07 on Monday. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $89.37. The company has a 50 day moving average of $76.77 and a two-hundred day moving average of $62.65. The company has a market cap of $93.45 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.94 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the firm earned $0.72 earnings per share. Newmont's revenue for the quarter was up 20.8% on a year-over-year basis. On average, analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the transaction, the director owned 36,869 shares of the company's stock, valued at $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,249 shares of company stock worth $1,132,065 over the last ninety days. 0.05% of the stock is owned by company insiders.

About Newmont

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.

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