Te Ahumairangi Investment Management Ltd Lowers Holdings in Newmont Corporation $NEM

Key Points

• Te Ahumairangi Investment Management Ltd reduced its stake in Newmont Corporation by 11.8% during the 1st quarter, now holding 105,968 shares valued at approximately $5.1 million.
• Several investors have increased their holdings in Newmont, with Colonial Trust Advisors raising its position by 315.4% during the same period.
• Newmont declared a quarterly dividend of $0.25 per share payable on September 29th, reflecting a 1.4% dividend yield.

Te Ahumairangi Investment Management Ltd lessened its stake in Newmont Corporation (NYSE:NEM - Free Report) by 11.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,968 shares of the basic materials company's stock after selling 14,200 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in Newmont were worth $5,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of NEM. SOA Wealth Advisors LLC. raised its position in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares during the last quarter. Cloud Capital Management LLC purchased a new position in shares of Newmont in the 1st quarter worth about $26,000. Colonial Trust Advisors raised its position in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares during the last quarter. Private Trust Co. NA raised its position in shares of Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC purchased a new position in shares of Newmont in the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. The trade was a 4.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction dated 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 approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,246 shares of company stock worth $1,373,251 in the last three months. 0.05% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on NEM. Scotiabank lifted their price target on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Raymond James Financial boosted their target price on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. The Goldman Sachs Group reissued a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. Finally, UBS Group boosted their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Trading Up 0.8%

Newmont stock opened at $73.00 on Friday. The business has a 50-day simple moving average of $63.58 and a two-hundred day simple moving average of $54.77. The company has a market cap of $80.18 billion, a P/E ratio of 13.11, a P/E/G ratio of 0.86 and a beta of 0.30. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $73.29. 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 (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business's quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 EPS. 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. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is currently 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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