Newmont Corporation (NYSE:NEM) Holdings Trimmed by PKO Investment Management Joint Stock Co

PKO Investment Management Joint Stock Co cut its stake in Newmont Corporation (NYSE:NEM - Free Report) by 9.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 342,353 shares of the basic materials company's stock after selling 35,500 shares during the quarter. Newmont comprises about 1.9% of PKO Investment Management Joint Stock Co's investment portfolio, making the stock its 12th biggest position. PKO Investment Management Joint Stock Co's holdings in Newmont were worth $16,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. raised its position in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 201 shares during the period. Nexus Investment Management ULC purchased a new position in Newmont in the first quarter valued at about $31,000. Redwood Park Advisors LLC purchased a new position in Newmont in the fourth quarter valued at about $37,000. Promus Capital LLC purchased a new position in Newmont in the fourth quarter valued at about $38,000. Finally, Kestra Investment Management LLC purchased a new position in Newmont in the fourth quarter valued at about $43,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

NEM stock traded down $0.19 during midday trading on Wednesday, reaching $58.33. The company had a trading volume of 3,564,068 shares, compared to its average volume of 10,385,567. The company has a quick ratio of 1.70, a current ratio of 1.98 and a debt-to-equity ratio of 0.25. The stock has a 50 day moving average price of $53.45 and a 200 day moving average price of $46.63. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $59.00. The firm has a market capitalization of $64.92 billion, a PE ratio of 13.07, a P/E/G ratio of 0.98 and a beta of 0.31.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.54. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a return on equity of 15.75% and a net margin of 25.77%. During the same period in the previous year, the firm posted $0.55 earnings per share. Analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.71%. Newmont's dividend payout ratio (DPR) is presently 22.42%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NEM shares. TD Securities lowered their target price on Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a research note on Wednesday, February 26th. Scotiabank restated a "sector perform" rating on shares of Newmont in a research note on Monday, April 14th. UBS Group upgraded Newmont from a "neutral" rating to a "buy" rating and raised their target price for the company from $50.00 to $60.00 in a research note on Friday, April 11th. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. Finally, Argus set a $63.00 price target on Newmont in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $57.68.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the business'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 transaction of $162,270.00. Following the sale, the executive vice president now owns 77,526 shares of the company's stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business'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 $112,344.93. Following the sale, the director now directly owns 45,180 shares in the company, valued at approximately $2,443,786.20. The trade was a 4.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,154 shares of company stock valued at $381,539. 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.