Newmont Corporation $NEM Stock Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management reduced its Newmont stake by 8.2% in the second quarter, selling 71,485 shares and retaining 805,301 shares valued at approximately $75.2 million. Institutional investors and hedge funds collectively own 68.85% of NEM.
• Newmont insiders also reported sales, including CEO Natascha Viljoen and EVP Peter Toth, who sold shares at $123 each under pre-arranged Rule 10b5-1 plans. Insiders have sold 32,091 shares worth about $3.4 million over the past 90 days.
• Analysts maintain a generally positive outlook, with Newmont receiving a “Moderate Buy” consensus rating and an average price target of $133.78. The company also beat quarterly EPS estimates, earning $2.10 per share versus the $2.05 consensus, and announced a $0.26 quarterly dividend.

Envestnet Asset Management Inc. decreased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 8.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 805,301 shares of the basic materials company's stock after selling 71,485 shares during the period. Envestnet Asset Management Inc. owned 0.08% of Newmont worth $75,214,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NEM. BlackRock Inc. acquired a new position in shares of Newmont in the 2nd quarter valued at $11,289,753,000. State Street Corp grew its holdings in shares of Newmont by 3.1% during the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock worth $4,893,852,000 after buying an additional 1,565,716 shares during the last quarter. Van ECK Associates Corp acquired a new position in Newmont in the 2nd quarter valued at about $671,197,000. Norges Bank purchased a new stake in Newmont during the 4th quarter valued at approximately $1,443,128,000. Finally, Bank of New York Mellon Corp acquired a new stake in Newmont during the 2nd quarter worth approximately $1,219,505,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $369,000.00. Following the sale, the executive vice president owned 37,315 shares of the company's stock, valued at approximately $4,589,745. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $477,486.00. Following the transaction, the chief executive officer directly owned 131,353 shares of the company's stock, valued at $16,156,419. This trade represents a 2.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 32,091 shares of company stock valued at $3,414,187. Insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NEM shares. Sanford C. Bernstein decreased their price target on Newmont from $147.00 to $144.00 and set an "outperform" rating for the company in a report on Wednesday, September 9th. Canadian Imperial Bank of Commerce set a $170.00 price objective on shares of Newmont in a research note on Friday, August 14th. Canaccord Genuity Group cut their price objective on shares of Newmont from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. Finally, The Goldman Sachs Group lowered their target price on shares of Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $133.78.

Newmont Stock Up 0.1%

NEM stock opened at $121.41 on Friday. The company has a market cap of $127.93 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.70 and a beta of 0.52. Newmont Corporation has a 52 week low of $76.05 and a 52 week high of $135.29. The company's 50-day moving average price is $116.29 and its 200 day moving average price is $109.87. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to analysts' expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period last year, the company posted $1.43 earnings per share. On average, research analysts expect that Newmont Corporation will post 9.09 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Thursday, September 3rd. Newmont's payout ratio is presently 13.13%.

About Newmont

Newmont Corporation NYSE: NEM is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

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