PKO Investment Management Joint Stock Co Sells 11,000 Shares of Newmont Corporation $NEM

Key Points

• PKO Investment Management Joint Stock Co reduced its stake in Newmont Corporation by selling 11,000 shares, which now makes up 2.1% of its portfolio with a value of approximately $19.3 million.
• In the second quarter, several hedge funds dramatically increased their stakes in Newmont, with Pacer Advisors raising its position by 4,203.5% to own over 5.3 million shares.
• Newmont announced a quarterly dividend of $0.25 per share, set to be paid on December 22, 2023, with an annualized dividend yield of 1.2%.

PKO Investment Management Joint Stock Co trimmed its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 3.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 331,353 shares of the basic materials company's stock after selling 11,000 shares during the quarter. Newmont accounts for about 2.1% of PKO Investment Management Joint Stock Co's portfolio, making the stock its 9th biggest holding. PKO Investment Management Joint Stock Co's holdings in Newmont were worth $19,305,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Nuveen LLC acquired a new position in shares of Newmont in the 1st quarter valued at $306,507,000. Pacer Advisors Inc. increased its stake in shares of Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock worth $259,580,000 after acquiring an additional 5,251,616 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Newmont by 1,502.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company's stock worth $273,391,000 after purchasing an additional 4,399,778 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Newmont by 1,074.8% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company's stock worth $116,416,000 after buying an additional 2,206,017 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Newmont by 2,003.7% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company's stock valued at $92,119,000 after purchasing an additional 1,506,010 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the 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 completion of the sale, the executive vice president directly 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by company insiders.

Newmont Stock Down 6.4%

NYSE:NEM opened at $83.25 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The stock's 50 day moving average price is $81.17 and its two-hundred day moving average price is $65.41. The firm has a market capitalization of $91.45 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.60 and a beta of 0.34. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $98.58.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.69%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business earned $0.81 EPS. Newmont's quarterly revenue was up 20.0% on a year-over-year basis. Equities research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be given a $0.25 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont's dividend payout ratio (DPR) is currently 15.53%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NEM. CIBC set a $112.00 price objective on shares of Newmont and gave the stock an "outperformer" rating in a research note on Friday, October 10th. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $66.00 to $95.00 in a research note on Wednesday, September 10th. National Bankshares reiterated an "outperform" rating on shares of Newmont in a research note on Monday, September 22nd. TD Securities raised their target price on Newmont from $67.00 to $89.00 and gave the company a "hold" rating in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded Newmont from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average target price of $90.59.

Newmont 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.

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