Sumitomo Mitsui DS Asset Management Company Ltd Lowers Holdings in Newmont Corporation $NEM

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd has decreased its holdings in Newmont Corporation by 5.4%, reducing its ownership to 158,928 shares valued at approximately $9.26 million.
• Newmont Corporation reported a 20.8% increase in revenue year-over-year, with earnings per share of $1.43, significantly surpassing analysts' expectations of $0.95.
• The company has declared a quarterly dividend of $0.25 per share, with a dividend yield of 1.3%, set to be paid out to investors of record on September 4th.

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 5.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 158,928 shares of the basic materials company's stock after selling 9,041 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Newmont were worth $9,259,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the company. SOA Wealth Advisors LLC. boosted its stake in Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont during the first quarter valued at $26,000. Colonial Trust Advisors raised its stake in Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 429 shares in the last quarter. Private Trust Co. NA lifted its position in Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC bought a new stake in shares of Newmont in the 1st quarter worth about $31,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Down 0.5%

Shares of NYSE:NEM opened at $78.29 on Friday. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $80.07. The business has a 50 day simple moving average of $69.04 and a two-hundred day simple moving average of $58.05. The firm has a market capitalization of $86.00 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 0.92 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

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

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Newmont's payout ratio is presently 17.95%.

Analysts Set New Price Targets

Several research firms recently commented on NEM. Raymond James Financial lifted their price target on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. BNP Paribas Exane lifted their target price on Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a report on Monday. CIBC lifted their target price on Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. Finally, Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $66.00 to $95.00 in a report on Wednesday, September 10th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.59.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was 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 owned 58,736 shares in the company, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,246 shares of company stock worth $1,253,559. Company insiders own 0.05% of the company's stock.

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.

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