LGT Group Foundation Lowers Stake in Newmont Corporation (NYSE:NEM)

Key Points

• LGT Group Foundation has reduced its stake in Newmont Corporation (NYSE:NEM) by 6.4%, now holding 142,711 shares valued at approximately $6.89 million.
• Newmont reported impressive quarterly earnings of $1.43 EPS, surpassing analyst expectations, with revenue of $5.32 billion, an increase of 20.8% year-over-year.
• The company announced a quarterly dividend of $0.25 per share, reflecting a 1.5% yield and a payout ratio of 17.95%.

LGT Group Foundation reduced its stake in Newmont Corporation (NYSE:NEM - Free Report) by 6.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,711 shares of the basic materials company's stock after selling 9,808 shares during the period. LGT Group Foundation's holdings in Newmont were worth $6,890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after purchasing an additional 1,379 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Newmont by 9.9% in the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock worth $3,575,000 after purchasing an additional 8,678 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Newmont in the 1st quarter worth approximately $423,000. Spire Wealth Management raised its holdings in shares of Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after purchasing an additional 1,309 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Newmont in the 1st quarter worth approximately $202,000. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NEM. National Bankshares raised shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. UBS Group lifted their target price on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Argus set a $63.00 target price on shares of Newmont in a research note on Friday, April 25th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Cfra Research upgraded shares of Newmont to a "strong-buy" rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Trading Up 1.2%

NYSE:NEM traded up $0.84 during trading hours on Friday, reaching $69.32. The company's stock had a trading volume of 7,907,348 shares, compared to its average volume of 11,944,745. The firm has a market capitalization of $76.14 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 0.81 and a beta of 0.30. The firm has a 50-day simple moving average of $60.66 and a 200-day simple moving average of $52.92. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $70.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company's revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS. Research analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Newmont's payout ratio is presently 17.95%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the sale, the director directly owned 41,026 shares in the company, valued at $2,611,715.16. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,246 shares of company stock valued at $1,373,251. Corporate insiders own 0.05% of the company's stock.

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.