Newmont Corporation $NEM Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC significantly reduced its stake in Newmont Corporation by 88.0%, holding only 258,510 shares after selling 1,898,824 shares in the first quarter.
• Newmont's quarterly earnings topped expectations, reporting $1.43 per share against a consensus estimate of $0.95, with revenues of $5.32 billion for the quarter.
• The company declared a quarterly dividend of $0.25, translating to an annualized dividend of $1.00 and a dividend yield of 1.5%, payable on September 29.

Neuberger Berman Group LLC lowered its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 88.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 258,510 shares of the basic materials company's stock after selling 1,898,824 shares during the period. Neuberger Berman Group LLC's holdings in Newmont were worth $12,481,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in NEM. Bessemer Group Inc. raised its holdings in Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock valued at $569,000 after acquiring an additional 1,379 shares during the period. First Trust Advisors LP increased its holdings in shares of Newmont by 9.9% in the fourth 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 position in shares of Newmont in the first quarter worth $423,000. Spire Wealth Management increased its holdings in shares of Newmont by 125.0% in the first 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 position in shares of Newmont in the first quarter worth $202,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Raymond James Financial upped their price target on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Argus set a $63.00 target price on shares of Newmont in a research report on Friday, April 25th. Finally, National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Stock Performance

NEM stock traded down $1.7750 on Tuesday, hitting $67.2250. The company had a trading volume of 5,118,694 shares, compared to its average volume of 11,869,141. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $70.29. 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 stock's 50-day simple moving average is $61.31 and its 200 day simple moving average is $53.44. The stock has a market cap of $73.84 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 0.82 and a beta of 0.30.

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

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Newmont Company Profile

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.