The Manufacturers Life Insurance Company Sells 22,517 Shares of Newmont Corporation $NEM

Key Points

• The Manufacturers Life Insurance Company reduced its Newmont stake by 3.4%, selling 22,517 shares and retaining 632,446 shares valued at approximately $59.1 million. Institutional investors collectively own 68.85% of Newmont.
• Analysts remain broadly optimistic, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $132.11, although several firms recently lowered their targets.
• Newmont reported quarterly EPS of $2.10, exceeding estimates, and declared a quarterly dividend of $0.26 per share, equivalent to a $1.04 annualized payout and a 0.8% yield.

The Manufacturers Life Insurance Company trimmed its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 3.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 632,446 shares of the basic materials company's stock after selling 22,517 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Newmont worth $59,070,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Pinnacle Bancorp Inc. acquired a new position in Newmont during the 1st quarter valued at about $25,000. Cedar Mountain Advisors LLC bought a new position in shares of Newmont in the first quarter valued at approximately $25,000. Clearstead Trust LLC purchased a new position in shares of Newmont during the second quarter valued at approximately $25,000. Kilter Group LLC bought a new stake in Newmont during the second quarter worth $26,000. Finally, Swiss RE Ltd. purchased a new stake in Newmont in the 4th quarter valued at $26,000. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. BNP Paribas Exane cut their price objective on shares of Newmont from $111.00 to $102.00 and set a "neutral" rating on the stock in a report on Tuesday, July 21st. Scotiabank increased their target price on shares of Newmont from $147.00 to $149.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. The Goldman Sachs Group dropped their price target on shares of Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a research report on Wednesday, July 1st. Citigroup cut their price target on shares of Newmont from $150.00 to $125.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Finally, Canadian Imperial Bank of Commerce set a $170.00 price objective on shares of Newmont in a research note on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $132.11.

Insiders Place Their Bets

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $369,000.00. Following the completion of the sale, the executive vice president owned 37,315 shares in the company, valued at $4,589,745. This represents a 7.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock valued at $3,414,187 over the last ninety days. 0.06% of the stock is currently owned by insiders.

Newmont Trading Up 0.6%

NYSE NEM opened at $126.84 on Friday. The business's fifty day moving average is $110.42 and its 200-day moving average is $109.84. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The stock has a market capitalization of $133.65 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 1.78 and a beta of 0.52. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter last year, the company posted $1.43 earnings per share. Equities research analysts predict that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont's dividend payout ratio is 13.13%.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

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