Newmont Corporation $NEM Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Newmont stake by 5.4% in the first quarter, selling 37,228 shares and retaining 654,963 shares worth approximately $70.9 million. Institutional investors collectively own 68.85% of Newmont.
• Newmont insiders sold 28,556 shares worth about $3.06 million over the past 90 days, with the reported transactions conducted under Rule 10b5-1 plans to cover tax obligations from vested equity awards.
• Analysts maintain a broadly positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $132.83. The company also reported quarterly EPS of $2.10, above estimates, and declared a $0.26 quarterly dividend.

The Manufacturers Life Insurance Company decreased its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 5.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 654,963 shares of the basic materials company's stock after selling 37,228 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Newmont worth $70,900,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Newmont by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock worth $13,390,613,000 after acquiring an additional 637,996 shares during 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 purchasing an additional 480,223 shares during the last quarter. Van ECK Associates Corp raised its stake 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 purchasing an additional 5,643,496 shares during the period. Geode Capital Management LLC raised its stake in Newmont by 3.6% during 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 purchasing an additional 946,824 shares during the period. Finally, Norges Bank acquired a new position in shares of Newmont in the 4th quarter valued at $1,443,128,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Activity

In related news, insider David John Thornton sold 2,296 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the sale, the insider directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the sale, the executive vice president directly owned 67,865 shares in the company, 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 $3,058,146 in the last 90 days. Company insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Bank of America dropped their price objective on Newmont from $157.00 to $132.00 and set a "buy" rating for the company in a report on Thursday, July 9th. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a research note on Monday, April 27th. Royal Bank Of Canada dropped their target price on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Canaccord Genuity Group reduced their price target on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Finally, Citigroup decreased their price objective 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. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $132.83.

Newmont Price Performance

Shares of NYSE NEM opened at $91.34 on Thursday. 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 Corporation has a 1-year low of $61.76 and a 1-year high of $134.88. The company has a market capitalization of $96.24 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.02 and a beta of 0.46. The business has a 50-day moving average of $99.02 and a 200-day moving average of $109.65.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion for 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 last year, the business posted $1.43 EPS. On average, equities analysts anticipate that Newmont Corporation will post 8.99 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. Newmont's dividend 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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