Newmont Corporation (NYSE:NEM) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Newmont Corporation (NYSE:NEM) by 41.7%, selling 5,988 shares during the first quarter, bringing its total holdings to 8,378 shares valued at approximately $405,000.
• Analysts remain optimistic about Newmont's future, with UBS Group raising its price target from $60.00 to $68.00 and multiple firms issuing "buy" or "strong-buy" ratings, indicating a consensus rating of "Moderate Buy."
• Newmont has declared a quarterly dividend of $0.25, which is set to be paid to shareholders on September 29, reflecting a strong dividend payout ratio of 17.95%.

OVERSEA CHINESE BANKING Corp Ltd lessened its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 41.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,378 shares of the basic materials company's stock after selling 5,988 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Newmont were worth $405,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. grew its stake in Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares during the last quarter. Cloud Capital Management LLC purchased a new position in Newmont during the 1st quarter worth approximately $26,000. Private Trust Co. NA grew its stake in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after buying an additional 347 shares during the last quarter. Nexus Investment Management ULC purchased a new position in shares of Newmont in the 1st quarter valued at approximately $31,000. Finally, Alpine Bank Wealth Management purchased a new position in shares of Newmont in the 1st quarter valued at approximately $32,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Price Performance

NEM stock traded up $2.83 during midday trading on Monday, hitting $65.42. 9,763,123 shares of the stock were exchanged, compared to its average volume of 13,063,871. The stock's 50-day moving average price is $58.33 and its 200-day moving average price is $51.58. The stock has a market cap of $71.86 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.76 and a beta of 0.30. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $66.57. 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 issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%. Newmont's revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 earnings per share. Research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

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 issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.5%. Newmont's payout ratio is currently 17.95%.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director directly owned 43,103 shares in the company, valued at $2,532,301.25. This represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the sale, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,154 shares of company stock valued at $572,889. 0.05% of the stock is currently owned by insiders.

Analyst Ratings Changes

NEM has been the topic of several analyst reports. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research note on Tuesday, July 8th. Royal Bank Of Canada lifted their target price on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Finally, CIBC set a $74.00 target price on Newmont and gave the company a "neutral" rating in a research note on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and an average price target of $64.58.

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.