Swiss National Bank Sells 19,900 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• The Swiss National Bank reduced its holdings in Newmont Corporation by 0.6% during the 1st quarter, now owning approximately 3.21 million shares worth $155 million.
• Newmont reported $1.43 EPS for the last quarter, exceeding estimates of $0.95 and showing a 20.8% increase in revenue year-over-year.
• Several analysts have upgraded Newmont's rating, with a consensus rating of "Moderate Buy" and an average target price of $64.58.

Swiss National Bank reduced its stake in Newmont Corporation (NYSE:NEM - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,211,005 shares of the basic materials company's stock after selling 19,900 shares during the period. Swiss National Bank owned 0.29% of Newmont worth $155,027,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its position 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 valued at $259,580,000 after acquiring an additional 5,251,616 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Newmont in the fourth quarter valued at about $92,693,000. Capital Research Global Investors boosted its position in shares of Newmont by 70.7% in the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock valued at $210,105,000 after acquiring an additional 2,338,953 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Newmont in the fourth quarter valued at about $75,435,000. Finally, Man Group plc boosted its position in shares of Newmont by 42.2% in the fourth quarter. Man Group plc now owns 5,030,228 shares of the basic materials company's stock valued at $187,225,000 after acquiring an additional 1,493,843 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NEM has been the subject of a number of recent research reports. Royal Bank Of Canada boosted their target price on shares of Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Stifel Nicolaus assumed coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price for the company. CIBC set a $74.00 price objective on shares of Newmont and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Finally, Argus set a $63.00 price objective on shares of Newmont in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. This trade represents a 3.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the firm'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 transaction of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,246 shares of company stock valued at $1,373,251. 0.05% of the stock is currently owned by insiders.

Newmont Price Performance

Shares of NEM stock traded down $0.11 on Friday, reaching $68.96. The company had a trading volume of 9,068,992 shares, compared to its average volume of 12,927,891. The stock has a market capitalization of $75.75 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont Corporation has a one year low of $36.86 and a one year high of $70.29. The business's 50-day moving average is $59.58 and its 200 day moving average is $52.32.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 30.50% and a return on equity of 17.86%. The business's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 earnings per share. Equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

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

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.