Deutsche Bank AG Reduces Stock Position in Newmont Corporation (NYSE:NEM)

Key Points

• Deutsche Bank AG has reduced its stake in Newmont Corporation by 8.3%, selling 574,110 shares, leaving it with roughly 6.3 million shares valued at $304 million.
• Newmont reported a significant quarterly earnings of $1.43 EPS, exceeding analysts' expectations, and achieved a revenue of $5.32 billion, marking a year-over-year increase of 20.8%.
• The company announced a quarterly dividend of $0.25 per share, representing an annualized payout of $1.00 and a yield of 1.5% for shareholders of record on September 4th.

Deutsche Bank AG trimmed its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 8.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,306,800 shares of the basic materials company's stock after selling 574,110 shares during the quarter. Deutsche Bank AG owned about 0.57% of Newmont worth $304,492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in NEM. SOA Wealth Advisors LLC. increased its position in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new stake in Newmont in the 1st quarter valued at about $26,000. Private Trust Co. NA increased its position in Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares in the last quarter. Nexus Investment Management ULC bought a new stake in Newmont in the 1st quarter valued at about $31,000. Finally, TCTC Holdings LLC increased its position in Newmont by 123.1% in the 1st quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company's stock valued at $32,000 after buying an additional 362 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NEM. Argus set a $63.00 target price on Newmont in a research report on Friday, April 25th. CIBC set a $74.00 target price on Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Stifel Canada raised Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada boosted their price objective on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average price target of $64.58.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Tabolt sold 7,015 shares of the company'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 value of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,246 shares of company stock worth $1,373,251. Insiders own 0.05% of the company's stock.

Newmont Stock Performance

Shares of NEM stock traded down $0.11 during trading on Friday, hitting $68.96. The company's stock had a trading volume of 9,068,992 shares, compared to its average volume of 12,932,138. The company has a market cap of $75.75 billion, a PE ratio of 12.38, a P/E/G ratio of 0.84 and a beta of 0.30. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The business has a fifty day moving average of $59.58 and a 200-day moving average of $52.25. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.29.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the company posted $0.72 earnings per share. Newmont's quarterly revenue was up 20.8% on a year-over-year basis. As a group, research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.5%. Newmont's dividend payout ratio is presently 17.95%.

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.