Newmont Corporation $NEM Stake Cut by Pettee Investors Inc.

Key Points

• Pettee Investors cut its Newmont stake by 83.3% in the fourth quarter, selling 23,292 shares and leaving the firm with 4,655 shares valued at about $465,000.
• Newmont beat quarterly expectations, reporting EPS of $2.90 versus $2.07 expected and revenue of $7.31 billion (up 45.8% year‑over‑year).
• Analysts remain broadly positive with a MarketBeat consensus of "Moderate Buy" and an average price target of $142.51, as several firms raised targets (e.g., Stifel to $175 and Citigroup to $150).

Pettee Investors Inc. cut its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 83.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,655 shares of the basic materials company's stock after selling 23,292 shares during the quarter. Pettee Investors Inc.'s holdings in Newmont were worth $465,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in NEM. GoalVest Advisory LLC bought a new position in Newmont during the fourth quarter worth $25,000. Physician Wealth Advisors Inc. lifted its stake in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock worth $26,000 after purchasing an additional 236 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after buying an additional 206 shares during the last quarter. JPL Wealth Management LLC bought a new stake in Newmont in the third quarter valued at $27,000. Finally, Lodestone Wealth Management LLC bought a new stake in Newmont in the fourth quarter valued at $28,000. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NEM shares. Macquarie Infrastructure raised their target price on Newmont from $130.00 to $133.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. The Goldman Sachs Group raised their target price on Newmont from $123.20 to $125.10 and gave the company a "buy" rating in a research note on Tuesday, April 28th. TD raised their target price on Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a research note on Monday, April 27th. Citigroup raised their target price on Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. Finally, Stifel Nicolaus raised their target price on Newmont from $120.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Newmont has a consensus rating of "Moderate Buy" and an average target price of $142.51.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total transaction of $339,270.00. Following the sale, the executive vice president directly owned 52,315 shares in the company, valued at $5,916,303.35. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David James Fry sold 18,394 shares of Newmont stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 24,394 shares of company stock worth $2,713,281. Company insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of NYSE NEM opened at $108.58 on Friday. Newmont Corporation has a fifty-two week low of $48.27 and a fifty-two week high of $134.88. The firm's 50-day simple moving average is $113.57 and its 200 day simple moving average is $105.47. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The stock has a market cap of $115.91 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.98 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. During the same period in the previous year, the business earned $1.25 earnings per share. The company's revenue was up 45.8% on a year-over-year basis. Equities analysts expect that Newmont Corporation will post 9.47 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont's payout ratio is currently 13.49%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.