TD Asset Management Inc Reduces Stock Position in Newmont Corporation $NEM

Key Points

• TD Asset Management Inc reduced its stake in Newmont Corporation by 1.8%, selling 23,107 shares in the second quarter, resulting in a total ownership of 1,271,402 shares valued at $74,017,000.
• Significant recent activities among institutional investors include Nuveen LLC acquiring a new stake worth $306 million and Pacer Advisors Inc. increasing its position by over 4,200% during the first quarter.
• Newmont's recent earnings report revealed an EPS of $1.43, exceeding analysts' expectations by $0.48, along with a year-over-year revenue increase of 20.8%.

TD Asset Management Inc cut its stake in Newmont Corporation (NYSE:NEM - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,271,402 shares of the basic materials company's stock after selling 23,107 shares during the quarter. TD Asset Management Inc owned about 0.11% of Newmont worth $74,017,000 at the end of the most recent quarter.

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

Insider Activity

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction 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 sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the business's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the transaction, the director owned 36,869 shares in the company, valued at $3,133,496.31. The trade was a 5.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NEM has been the subject of a number of research analyst reports. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Macquarie lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Citigroup raised their price target on Newmont from $74.00 to $104.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, UBS Group lifted their price target on Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Four investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $84.66.

Newmont Stock Performance

Newmont stock opened at $93.49 on Thursday. The firm has a fifty day simple moving average of $78.22 and a two-hundred day simple moving average of $63.33. 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 twelve month low of $36.86 and a twelve month high of $93.93. The company has a market capitalization of $102.70 billion, a PE ratio of 16.78, a P/E/G ratio of 0.99 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The company's quarterly revenue was up 20.8% on a year-over-year basis. Research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were given a $0.25 dividend. The ex-dividend date was Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.1%. Newmont's payout ratio is presently 17.95%.

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.

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